Resolution Foundation and Resonance are among seven social impact enterprises selected by Big Society Capital to receive funding as part of a new programme.
After receiving 106 applications with proposals for tackling a range of social issues to its Ideas for Impact competition, Big Society Capital has chosen seven to provide tailored packages of support.
These include social investment fund manager Resonance, which is looking at the potential for a distressed assets social housing fund, and think-tank Resolution Foundation, which is scoping a proposed venture fund to invest in ‘tech for good’.
The other winners include a collaboration looking to fund solutions to youth unemployment; social enterprise Cornerstone Place, which is looking to create a fund to refurbish properties to rent to homelessness charities; affordable housing accessed by the North East Churches Acting Together charity; a circular economy outcomes fund from Social Finance and ReLondon; and a online diversity tool developed by UnLtd and Big Issue Invest.
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“Applicants were asked to explain the social issue, business models and potential for investment associated with their idea, which would allow multiple social sector organisations to access investment. They had to demonstrate potential to scale through a fund or similar financial structure, which could take on investment from Big Society Capital and/or others in future,” Big Society Capital said in a statement.
Amir Rizwan and Jo Heywood, relationship directors at Big Society Capital, added: “They have demonstrated great potential to scale up with social impact investment and help improve people’s lives. Social impact investment can unlock much needed funding for charities and social enterprises and through this initiative, we are able to support the early-stage development of ideas that could sustain and grow vital services in communities across the UK.”
Unsuccessful proposals will still be signposted to relevant funding and support.