Funding news

Local Impact Fund to be piloted in Liverpool- 3 February 2014

The Liverpool City Region Impact Fund will offer business support and finance to local charities and social enterprises, helping them grow and scale up the impact they make in their communities.

The UK’s first Local Impact Fund was launched in Liverpool last week by the Social Investment Business and Social Enterprise North West. Liverpool will pilot the model designed to deliver £100 million to charities and social enterprises across England.

The £2 million granted to the Liverpool City Region Impact Fund was funded by both the Adventure Capital Fund (the parent charity with the Social Investment Business) and the European Regional Development Fund’s 2007-13’s programme, giving £1 million each. By using local enterprise partnerships, local impact funds will tap into the European fund and with this money will be able to secure matched funding from other investors.

Charities and social enterprises based in six boroughs across Merseyside can apply for finance to help them grow and scale up their social impact through unsecured loans of £50,000 to £250,000. The fund is expected to help direct investment into local areas to increase employment opportunities, social entrepreneurship and to help grow a social economy.

Similar projects are being established in another five areas: Manchester, Cheshire, Cumbria, Warrington and Lancashire with plans to expand even further.

This fund complements the existing Big Enterprise in Communities programme run by Social Enterprise North West (SENW) which will provide mentoring and 'investment readiness' grants to help investees use funding in the best way.

Stephen Bubb, chair of the Social Investment Business, believes the new venture will flourish:

We believe that 15 to 20 local enterprise partnerships will want to launch a local impact fund by 2016, and expect these funds to be between £5m and £10m initially. They will be a critical first step in bringing social investment to communities anywhere in the UK.

Funds will be locally driven and flexible; provide both finance and support to charities and social enterprises at all stages of their development in order to expand their work and activities to meet local needs.

Organisations that are looking for loans in summer 2014 can complete an Expression of Interest Form. The deadline for Expressions of Interest is 28 February 2014. More details and guidance will be available when the fund opens in April.

Source: http://newstartmag.co.uk/your-blogs/local-impact-funds-growing-the-local-social-


Related Schemes