Members of Rare Trust
Invest for Impact, which supports organisations working for positive change, has delivered a total of £2.2m worth of funding since it was launched just over 12 months ago, and still has £1.8m left to give out to local social organisations.
Six organisations across the North West, including three in Liverpool City Region, have already been awarded a combined £800,000 from the Invest for Impact investment fund.
The fund is managed by First Ark Social Investment (FASI), which is part of a social business based in the Liverpool City Region. Invest for Impact is funded by the Big Lottery Fund and Big Society Capital.
The latest round of funding applications saw a diverse range of organisations awarded funding. The six organisations are a mix of charities, social enterprises and community interest companies.
The Rare Trust, a performing arts school in Liverpool, will be using the investment to expand into new premises and provide a much needed update to their facilities. Liverpool Lighthouse Limited, an urban gospel music and arts centre, is using the investment to refurbish a multi-purpose venue on Oakfield Road in order to be able to continue delivering the projects they offer and also provide more services.
Invest for Impact has already proved exceptionally popular with the amount of applications the fund has received, however with £1.8m of its £4 million total left to invest in social organisations across the North West, businesses are being encouraged to apply before the next round of applications will be approved in mid-January. Social organisations that feel they need some support to be investment ready can apply for the Reach Fund.
The funds are available as ‘blended capital’, a mix of grants and loans, and FASI also provide support to applicants throughout the whole process.
Hannah Jones, group head of investment at First Ark, said: “Invest for Impact is about enabling social organisations to do more of what they do best, delivering positive change in communities across the North West. This is a significant moment as we cross the halfway mark in terms of the investment funding and I want to encourage any social organisation that is thinking of expanding to get in touch. Businesses can apply for up to 150k which, as we have already seen, can make a huge difference to those organisations and the communities that they work in.”
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