Low-key government announcement of latest £350m dormant assets funding allocation falls short of what social investment leaders had been campaigning for, as money will be evenly split between four ‘good causes’.
Around £738m is up for grabs in England as government reviews Dormant Assets Scheme's current priorities of social investment, financial inclusion and youth.
Social Enterprise UK and Big Society Capital are among nine organisations promoting the Community Enterprise Growth Plan, a “once-in-a-decade opportunity” to accelerate growth of social enterprise in underserved communities.
PLUS: Willicroft targets new markets with €2m raise; UK’s CDFI lending jumps by a third in one year; appetite for impact investing rises; Lendahand crowdfunding platform shifts gear; and much more.
PLUS: United Nation IFAD pledges $14m for Haitian farmers and fisherfolk; Japan impact investments jump by 250%; DiCaprio and Branson invest in Waterplan; disappointing Dutch performance; and more.
Growth Impact Fund developed by UnLtd, Shift and Big Issue Invest described as “fundamentally different” – aiming to back long-overlooked entrepreneurs and provide model for more inclusive social investment.
New £2m grant fund run by Social Investment Business, Access, Ubele and Create Equity will support social enterprises led by people of colour to become investment-ready for the Recovery Loan Fund.
The UK government this week confirms new dormant assets funding as outlined in its Levelling Up plans, as Access stresses importance of blended finance approach to reach poorest communities.
NEWS ANALYSIS: Long snubbed in an impact investing market obsessed with returns, ‘blended finance’ has now proven its worth. But securing its survival could be Access’s most important role in the second half of its lifetime.
