First investment of Growth Fund announced
Access was set up in 2015 to help charities and social enterprises access capital and social investment to increase their impact. It manages a £45m Growth Fund to tackle the issues of supply as well as a £60m Cabinet Office-funded capacity-building programme to increase demand for social investment.
The Health and Wellbeing Challenge Fund (South West), run by the social impact fund provider Resonance, is the first to receive investment from the Growth Fund which is worth £4.4m. This funding will provide loans to health and wellbeing charities and social enterprises in south-west England. Charities and social enterprises can apply for loans of up to £150,000 from the fund.
The money from Access will be a combination of loans and grants, although details about the proportion of each are yet to be released.
Seb Elsworth, Chief Executive of Access, said: “The Growth Fund is there to bridge the gap between what charities and social enterprises say they need and what social investors have typically been able to offer.
“The blend of loan and grant, which we make available to social investors, means that those investors can provide smaller loans on affordable terms with appropriate support.”
Daniel Brewer, Managing Director of Resonance, said: “There is a significant opportunity for local organisations to play a key role in evolving the regional health and wellbeing system here in the south west. This fund will help to increase the social impact and financial sustainability of those helping to make a difference in this sector.”
To find out more about how Access can support your social enterprise’s growth, please visit their website.