Posted by Ewan McClymont on August 1, 2017
Access to finance is the oil in the engine for every organisation, particularly for charities and social enterprises.
Resonance is a Social Impact Investment Company that specialises in connecting capital with social enterprises. Working with a cross section of Investors, and in response to demand, Resonance are able to create and manage Impact Investment Funds, with the aim of getting capital into the hands of organisations that are focused on providing a positive social impact to their communities.
One such fund is the £5m Health & Wellbeing Challenge Fund, which aims to support voluntary, community and social enterprises (VCSE’s) working in health and wellbeing in the South West (Cornwall & Isles of Scilly, Devon and Somerset). Supported by SW Academic Health Science Network and the National Growth Fund which is a partnership between the Big Lottery Fund, Big Society Capital and administered by the Access Foundation, the fund is able to provide between £50,000 and £150,000 of blended funding (debt, risk capital and grant).
The fund is suitable for existing organisations that are looking to scale up their social impact in a sustainable way. The fund aims to support 50 organisations working in the health and wellbeing sector by 2020. The investment can support a number of areas such as the purchase of assets and equipment, working capital, revenue development, efficiency improvements, and growth of products and market share. Loans are repayable over a period of up to 6 years with a 2-year interest only period followed by a 4-year interest and capital repayment period at an interest rate of circa 7.5%. Any funding offer will be subject to applicants satisfying the investment appraisal process.
If you think you could benefit from the Health & Wellbeing Challenge Fund or if you have any queries, please contact Tom Crook, the Fund Investment Analyst at firstname.lastname@example.org or telephone 0345 004 3432.