Social Investment Business has this week announced two new rounds of social sector funding - £19m for health social enterprise and £2.5m for community organisations.
The social enterprise investment fund (SEIF), which invests in health and social care organisations, will launch this summer with around £19m in funding.
SEIF is managed by Social Investment Business on behalf of the Department for Health. Interested organisations are invited to register their interest in the Fund on the Social Investment Business website.
The SEIF has invested around £100m in health and social care social enterprises over the last five years.
The £19m in funding this time around has been announced jointly by the Department of Health and the Cabinet Office, which are keen for some of the funding to go to frontline staff to create spinout mutuals and run services.
Francis Maude, minister for Cabinet Office, said:
“There is a real pent-up frustration among frontline public servants who are fed up with constraints imposed by the monolith within which they are imprisoned. Spinning out into a mutual gives them a chance to do things in ways they know are best.
"The team from the Department of Health know how Rights to Provide work and will bring valuable expertise to the Cabinet Office as we roll out these rights across government. Now is the time for entrepreneurial public servants to take the initiative and push for ownership."
£2.5m fund for community organisations
Meanwhile, the Communitybuilders Fund, also managed by the Social Investment Business on behalf of the Adventure Capital Fund, opens for applications on Monday 11 June.
The Communitybuilders Fund invests in organisations that are seeking to become more sustainable and independent and that can demonstrate they are having a significant positive impact in their communities as providers of multiple services and facilities.
The Fund, worth £2.5m, has both loans and grants on offer as part of its investment package.
Capital and revenue funding will be available to community enterprises that have operated for at least 12 months and are looking to build their long term financial viability and increase their ability to deliver significant social impact in their communities. Investments can be used for property renovations and refurbishments, land or property purchases (and some related fees like architects and surveyors), purchase of vehicles, IT equipment and fixtures and fittings. The minimum that can be applied for is £250,000, the maximum £750,000 and at least 80 per cent of the investment will be loan funding.
Deputy chief executive of the Adventure Capital Fund Caroline Forster said: “We want to hear from established organisations, particularly those delivering services in areas of high deprivation or who have already raised financial contributions for their project.
Our vision is to help community organisations to eventually become commercially investable and therefore we want to support those organisations that are looking to both expand and become more financially independent but who can’t currently access commercial loans.”
To register your interest and receive Fund updates, click here.