A new £4m investment fund for early-stage and growing social businesses across the North West has been launched.
Bob Taylor, the group chief executive of social investment business First Ark, has announced the launch of the fund and invited socially-driven groups to come forward and apply at the Northern Enterprise Conference in Manchester. The fund, Invest for Impact, is targeted at organisations dedicated to creating long-lasting social impact.
The £4m scheme is funded by the Growth Fund, an initiative of Access: The Foundation for Social Investment, in conjunction with the Big Lottery Fund and Big Society Capital. It offers a blend of grant and unsecured loan finance for charities and social enterprises, up to £150,000.
First Ark will also provide pre-investment and post-investment support from a dedicated team, ensuring that every investment is shaped to meet the specific needs of each organisation and to help steer them through the application process.
Taylor said: "This is a milestone for the North West social economy. We are looking to work with organisations from across the entire region that already have an impact on communities and identify how social investment can help them become stronger, to grow and become more sustainable.
"Our hope is that Invest for Impact will help organisations make the North West a more inclusive place to be, with increased opportunities for everyone.
"Some of First Ark's priorities include helping people tackle key issues that enable them to move on in their lives and to be able to seize opportunities to develop skills that allow them to move into long-term sustainable employment. This fund can act as an enabler for those outcomes.
"I'd like to invite anyone keen on shaping better futures for their community to come forward and express their interest. I'm looking forward to seeing the impact that this brilliant new opportunity will deliver."
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