Peter Gilson, investment manager at Northstar Ventures, has been appointed to manage the £9m North East Social Enterprise Fund on behalf of the Newcastle-based venture capitalist.
The fund, which is open now, has been set up to support the development and expansion of voluntary and community organisations and social enterprises and to improve their social impact.
Now, Peter, who has spent the latter part of his 40 year financial sector career working with voluntary, charitable and not for profit organisations, is inviting applications from the region’s social enterprises.
“I really want to hear from organisations, which have a strong passion to improve their social impact in areas such as homelessness, poverty, debt, health and social care, unemployment or the regeneration of deprived communities,” he said.
“We are really looking for organisations that benefit the disadvantaged and, ideally, have a strong management team with the ability to develop the organisation.”
The fund will invest amounts varying from £100,000 to £1m according to the individual organisation’s needs, to normally be repaid within five and 10 years, with no penalties for early repayment.
“One of the greatest obstacles for any business is accessing the investment it needs to consolidate and expand,” said Peter, “and that obstacle is even greater for charities and not for profit companies.
“The advantage of a repayable investment from the North East Social Investment Fund is that it can be used wherever it’s most needed to develop the organisation,” said Peter.
“That may be the purchase of new premises, covering operational costs, strengthening working capital, or a combination of those.”
To find out more about the North East Social Investment Fund or to make an application, call Peter on 0191 2292786, email him at firstname.lastname@example.org or visit http://www.northstarventures.co.uk/our-funds/social-investment-fund/
Northstar Ventures is a North East venture capital company investing in successful high growth SMEs and social sector organisations across the North East. The North East Social Investment Fund is one of the Funds we manage.
The North East Social Investment Fund invests in social enterprises with individual investments ranging in size from £100k to £1m. The Fund is targeted at organisations which exist primarily to deliver social impact and which reinvest the majority of their surpluses to further their social mission; including: charities (limited by guarantee or CIO only), CICs (limited by guarantee or shares) and Registered Societies (previously known as ‘Industrial and Provident Societies’, for community benefit). NESIF is backed by Big Society Capital, Northern Rock Foundation and Esmée Fairbairn Foundation.
Northstar Ventures Limited is authorised and regulated by the Financial Conduct Authority. Northstar Ventures Limited is a limited company registered in England and Wales with company number 05104995. Registered office: 5th Floor, Maybrook House, 27-35 Grainger Street, Newcastle upon Tyne, NE1 5JE.
Further information can be found at www.northstarventures.co.uk
North East Social Investment Company and its first social investment fund, NESIF have been set up to provide an innovative, regional, strategic solution to developing the market for social investment in the North East and to reducing disadvantage, deprivation and social need in North East communities. The Board of NESIC will provide leadership regionally and nationally for the development of social investment
Big Society Capital is a financial institution with a social mission, set up to build the social investment market in the UK, so that charities and social enterprises can access appropriate repayable finance to enable them to grow, become more sustainable and increase their impact on society. It is doing this by building a diverse social investment market: encouraging investors to lend or invest money to achieve a social as well as a financial return.
Since it was set up as an independent organization in 2012, Big Society Capital has committed over £165 million in investments to specialist organizations who lend to charities and social enterprises. Over five years Big Society Capital will be capitalized with approximately £600 million, from a combination of English dormant bank accounts and the four main UK high street banks.
Further information can be found at www.bigsocietycapital.com