Collection: The Good Stories Podcast
The Editor's Post: Spotlight on the social investors delivering impact in the UK
With news of £12m of funding available for diverse social entrepreneurs and a new film exploring the impact made by a Key Fund blended finance deal, this week Pioneers Post is focussing on social investment.
It’s hard to believe Alex Nicholson was nonverbal just five years ago. As he described to us in detail how the printing machinery at Nuneaton Signs works, the impact the social enterprise makes is crystal clear.
Nicholson has autism and is one of 83 people employed by Nuneaton Signs, 71% of whom have a disability. He explained how working for the signage company has enabled him to build confidence and independence.
“I've got more confidence from being here, being interactive with people, talking to people normally. I wouldn’t even [have done] this interview [before], so obviously it’s brought my confidence up,” he said.
Nuneaton Signs is a signage manufacturing company based in Warwickshire, England, founded in 1982. I visited the social enterprise at the end of February with my colleague Laura Joffre. We were there to make a film in partnership with Good Finance, published this week.
The film explores how a £150,000 social investment from Key Fund had helped Nuneaton Signs open a new site, increasing its manufacturing capacity by 144%, which in turn has allowed it to create new opportunities for its employees with disabilities.
Nicholson credits the new site – in Hinckley, just down the road from Nuneaton – with further increasing his independence. There are fewer people working at the new site, which he says has helped him develop interpersonal skills, as well as working on different jobs and machinery. He can also now walk to his job, and since he’s been working there his mum has been able to return to employment.
Nuneaton Signs’ investment came in the form of blended finance: £115,000 of loan and £35,000 of grant funding. Explaining the decision-making behind the investment, Chris Colwell, head of social investment at Key Fund, emphasised it prioritises funding organisations that can't access mainstream sources of finance.
“Something that really came across in this example with Nuneaton Signs was the passion of the people involved and the drive to really want to help people. The investment into Nuneaton Signs is a great example of how social investment can be used to grow both trading income and impact,” Colwell added.
The film is part of the In the Spotlight series made in partnership with Good Finance, which helps UK social enterprises and charities navigate social investment. Previous films have explored how social investment has helped Blackburne House, a social enterprise in Liverpool which provides educational courses for women in the local community, and The Granton Project, a community interest company in one of the most underserved areas of Edinburgh, Scotland. We’ve done deeper dives into those subjects in our Good Stories podcast series.
Laura brought us more social investment news this week, with her story on the Pathway Fund launching the first phase of its £12m dormant asset allocation to support diverse social entrepreneurs.
Social investors can now apply for funding totalling an estimated £5.5m from Pathway Fund to invest in Black and ethnically minoritised-led social enterprises and charities across England. Read more here.
This week's top stories:
‘The UK’s 'impact economy' definition must put ownership first’
Impact Finance Bulletin: Towards a community of impact-first investors
Top image: Alex Nicholson at work at Nuneaton Signs
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