Funding news

Social Investment Business to launch £10m pilot funds - 27 January 2012

The Social Investment Business will this year launch funds totalling up to £10m to lend to the voluntary and community sector.

Jonathan Jenkins, chief executive of the social lender, has stated that if the new funds were successful, he would attempt to raise "serious money":

"If this works, we could look at raising a fund of £25m or £50m," he said. "Before we can raise that sort of money, though, we’ll need a track record, which is why we’ll have these pilots."

The SIB had not yet decided the criteria for applying for either the £10m funds or the suggested follow up. Jenkins said the organisation, which manages several government funds including the Communitybuilders endowment and the Social Action Fund, might try to win more business from the government, but also wanted to raise money elsewhere.

The business is considering about 15 different ideas for new funds and would select one or two: "We’re looking at different ways of raising money and different ways of investing it. For example, a lot of charities have become interested in social investment since the publication of the Charity Commission’s new CC14 investment guidance. Can we raise a fund from them to invest money on their behalf?"

For the full article, see the Third Sector website.