[cma-l] Local Impact Funds to provide a new kind of finance for charities and social enterprises

[CMA-L]

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On 7 October 2013 12:56, Murray Dawson <murray at shmu.org.uk> wrote:

>  It's not clear from the link, but I presume that this is not a UK wide
> initiative?
>
> It would be useful if it was made clear in the subject headers of emails
> like this who can benefit.
>
> Thanks
>
> Murray
>
>
> On 07/10/2013 12:26, CMA-L wrote:
>
> A new funding model that promises to provide simple finance for local
> charities and social enterprises was launched at a fringe event hosted by
> the Social Investment Forum <http://www.sibgroup.org.uk/> at the Liberal
> Democrat party conference recently.
>
> The Local Impact Fund model is outlined in a prospectus published by the
> Social Investment Business Group called "Growing a local social economy"<http://www.sibgroup.org.uk/lif/>.
> The publication highlights the economic and employment benefits of
> supporting the local sector, in addition to the social impact. It also
> shows how a locally led solution to social investment will target resources
> where they are needed most.
>
> Local Impact Funds will be led by local sector bodies and will bring
> together local and national partners and investors to provide tailored
> support for charities and social enterprises throughout their investment
> journey; from investment readiness support and mentoring to help them to
> develop their business plans, to loans and other investment products to
> help them scale up, develop assets and grow.
>
> The funds are designed in a way to work closely with Local Enterprise
> Partnerships (LEPs) so that EU funds, which the LEPs will be in charge of
> distributing from 2014, could potentially form part of the investment mix.
> Local Impact Funds are being tested as a future recognised Financial
> Engineering Instrument (FEI) by the government and have been included in
> official guidance to LEPs as they develop their strategies for using EU
> monies from next year.
>
> Other investors can include national investors like the SIB Group and Big
> Society Capital, along with local investors like CDFIs, local authorities,
> community foundations and individuals. This mix of investors will allow the
> funds to meet the needs of the local sector by providing early stage
> support, as well as smaller loans with a high appetite for risk.
>
> A broad partnership of local and national organisations have joined
> together to support the initiative.
>
> Source:
> http://www.sibgroup.org.uk/news/news/2013/local-impact-funds-to-provide-a-new-kind-of-finance-for-charities-and-social-enterprises/
>
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> --
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>
> Murray Dawson
> Chief Executive
> Station House Media Unit
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