Council launches new social enterprise investment fund

A new Social Enterprise investment fund is being launched by Plymouth City Council to help social enterprises develop.

A fund of £500,000 is now available for social enterprises to access a bespoke support package to help their ideas become a business reality.

The £500,000 fund comes from the Council's 'Building for Jobs' Investment Fund – one of the Council's 19 'Plan for Jobs' projects aimed at unlocking stalled developments, creating new jobs and levering additional public and private sector finance.

The fund will be a mixture of grant and loan and each investment assessed on a case by case basis. It is envisaged that £300,000 will be allocated as repayable loans and £100,000 allocated as grants and £100,000 will be allocated on investor readiness business advice.

Social enterprises are businesses with primarily social objectives whose surpluses are reinvested back into the business or in the community.

Councillor Chris Penberthy, Cabinet member for Cooperatives and Community Development said: "Plymouth is one of the country's first social enterprise cities and we have some incredible examples of businesses that are run to help others.

"This location and the organisation is a prime example of a successful social enterprise. Effervescent are a dynamic, ambitious arts company who work with children and young people to inspire social change as well as explore new opportunities.

"We want fledging enterprise groups who have the ideas, but need support and guidance towards a business that will make a difference to the people around them."

Effervescent is now based at the old Halifax Bank on Plymouth Derry's Cross which they are aiming to turn into an art gallery, rehearsal/making space, tea room, and creative business incubation hub.

This has come about as a result of the Plymouth Your Space project which aims to open up opportunities for people to use – on a temporary basis – vacant space, buildings or areas of land in the city centre and waterfront areas.

Groups interested in applying for the funding under the Social Enterprise investment fund should email jane.hunt@plymouth.gov.uk.

Building on the success of the Urban Enterprise Programme (funded by the European Regional Development Fund) and with a new European Funding programme on the horizon, there is also an opportunity for this new fund to maximise leverage from match funding to increase its impact.

Invitations of expressions of interest are welcome for both revenue support (between £5,000 and £10,000) or capital support (up to £100,000).