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An Allia Limited initiative

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Borrowing process

RCB offers charities and other impact-led organisations the potential to raise £5m or more from investors aligned to your values. The process can take as little as three months from the start to receiving the funds in your account.

Get in touch

As the manager of RCB, Allia C&C will work with potential borrowers on the following steps:

  1. Allia C&C will review the financial viability of the business and governance to ensure that it’s appropriate. Investors want to see borrowers with motivated, high-quality management that deliver strong social benefits with a sustainable business model. And yes, you do need to be investment ready, but assistance is available to translate your numbers into a format and ratios expected by a lender or investor. It’s possible that the model might not be right for everyone, but an unsuccessful application may well turn into a successful one three years down the line.
  2. Following in-principle approval and agreement on indicative structure and terms, you’ll be asked to provide more detailed information for the due diligence process. This will be presented in a report to the board of RCB Bonds plc, who will determine whether to proceed with an issue bonds for, and lending the proceeds to, a prospective borrower.
  3. Once approved, Allia C&C will work with you and your lawyers to prepare the information about your organisation for insertion into the template bond prospectus. They will also produce an investor presentation in collaboration with you for meetings with institutional investors.
  4. Just prior to launch, Allia C&C will organise a roadshow with institutional investors, involving a series of group and one-to-one meetings. The feedback received will inform Allia C&C’s recommendation on the final interest rate and length of the bonds.
  5. The final terms are decided and the offer is launched. Investors may have up to four weeks to place their orders, but the offer may be closed early if fully subscribed.
  6. On the issue date, RCB will issue the bonds to investors. Allia C&C will manage the collection of funds and transfer the net proceeds to you in accordance with the loan agreement.
  7. During the term of the bonds, you will pay interest on the loan to RCB, and it will pay interest on the bonds to the investors. You’ll also need to provide regular financial information and an annual impact report.
  8. At the end of the term you will need to repay the loan in full – though it may be possible to refinance the loan in part or in full by a further bond issue.

  • Real Impact Stories

    Dolphin Living

    In 2017 RCB issued £45m of bonds, including £20m of retained bonds, for Dolphin Living, enabling the charity to further finance the provision of affordable housing to working Londoners in and around Westminster. Dolphin Living provides 850 homes across nine London boroughs at rents which are below market rent – on average 53% of local market rent.

  • Real Impact Stories

    Greensleeves

    Greensleeves Homes Trust raised £75m from RCB investors through two bond issues to develop much needed new homes for older people, including those living with dementia. At the time of its first bond issue, Greensleeves was the first charitable care home provider to raise finance through this type of listed bond, and it was the largest RCB bond issue at the time.

  • Real Impact Stories

    Charities Aid Foundation

    RCB has issued two series of bonds for Charities Aid Foundation (CAF) for investors inspired by its work globally to bring together governments, philanthropists, foundations and companies to tackle entrenched social issues. The RCB bonds support CAF’s work to provide income for over 100,000 charities across 135 countries.

  • Real Impact Stories

    Golden Lane Housing

    Golden Lane Housing is one of the country’s leading supported housing landlords, enabling people with learning disabilities to live independently in their own homes. RCB has issued three series of bonds for GLH since 2014, which were all oversubscribed, showing how RCB investors have been enthused to accelerate and scale this pioneering work.

  • Real Impact Stories

    The Alnwick Garden Trust

    The subject of a popular Channel 4 documentary, social enterprise The Alnwick Garden Trust raised funding from RCB investors in 2020 to finance the construction of the world’s largest play structure at this breathtaking visitor attraction in Northumbria.

  • Real Impact Stories

    Hightown Housing Association

    Hightown is a housing association, operating in south east England to help people who need support and care or who cannot afford to buy or rent a home at market values. RCB has issued £65m of bonds through two issues for Hightown, enabling the charity to meet the high demand for its homes.

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