Member Article

New social enterprise fund launched for North East

A new fund to support the regions social enterprises has been launched, and now one of the key founders is calling on businesspeople in the North East to come forward and offer their support.

Jeremy Middleton, owner of Middleton enterprises, was one of the key speakers at the launch of the Social Impact Co-Investment Fund, and is a strong supporter of social projects in local communities.

Speaking at the event, he said: “The setting up of the fund is to be commended, and it will help the social enterprise sector expand and make a bigger impact on the economy, as well as encouraging social philanthropy.

“Social enterprises and ventures that have the ability to make an adequate return for an investor are not mutually exclusive and I would encourage investors to support this initiative.??”

The national fund, which is managed by the FSE Group will provide social enterprises with loans of between £25,000 and £100,000 to social enterprises on a match funding basis alongside investment from private sector sources.

It is hoped that by getting business angels involved in the scheme, they will also actively participate in the businesses, by giving time, skills, experience and contacts as well as financial support.

Mr Middleton continued: “Social enterprises may experience difficulties in obtaining finance from banks and other traditional financial institutions.

“This fund will enable them to access capital that will allow them to make a bigger positive impression on their communities and the arenas in which they work.”??

Finance Tree, is acting as a regional partner to the FSE Group and will help businesses in the North East access the new fund. Social Enterprise businesses will be offered help to identify and secure the required investment.

Sally Goodsell, chief executive of the FSE Group also spoke at the event. She added: “We are delighted to launch the Social Impact Co-investment Fund in the North East. ??

“We believe many business angels are keen to diversify their portfolios of investments and that, with the right structures, the social enterprise market can benefit from this source of funding and the skills, experience and expertise that are available from a private investor.” ??

This was posted in Bdaily's Members' News section by Ruth Mitchell .