Charities and social enterprises looking to raise investment via Crowdfunder.co.uk and Ethex will now be able to apply for a Reach Fund grant.
The Reach Fund, funded by Access – The Foundation for Social Investment and managed by Social Investment Business, allows organisations – known as Access Points - to refer charities and social enterprises to apply for grants of around £15,000. The grants can be used to pay for specific support that may help them raise investment.
Deborah Smart, Head of Programmes (Grants), Social Investment Business said:
“We are really excited to welcome Crowdfunder.co.uk and Ethex to the Reach Fund. People powered social investment is a fast growing success story and we hope that the Reach Fund can help more fantastic organisations raise investment through the crowd this year.”
Crowdfunder.co.uk and Ethex will now be able refer charities and social enterprises to apply for grants to pay for activities such as legal work, business planning or financial forecasting that may be needed to help them secure investment.
Jason Nuttall, Programme Director, Crowdfunder.co.uk said:
“Becoming an Access Point is a great step for us at Crowdfunder. We’re often contacted by groups looking to take on investment, particularly through community shares issues, and these groups usually just need that little bit of extra support to get there. The Reach Fund should help us grow the number of community owned assets across the UK.”
Josh Brewer, Senior Business Development Manager, Ethex said:
“Ethex are really excited to become an Access Point. Investment readiness resources like this are needed to enable social enterprises to benefit from the growing interest that 19.5 million people have in social impact investing and making their money do good!”
Crowdfunder.co.uk and Ethex are also members of the £10m Big Society Capital Crowd Match Fund. Through this programme Big Society Capital offers to match crowdfunded investments made by individuals into Social Investment Tax Relief (SITR) eligible charities and social enterprises and was the first of its kind to match different investments made by the public.
Camilla Parke, Investment Associate, Big Society Capital, said:
“The Reach Fund is a fantastic resource to help charities and social enterprises looking to raise investment get over the final hurdle. We’re delighted two leading crowdfunding platforms have become Access Points and can make this grant funding accessible to organisations they’re working with – for many this could be the final piece in the puzzle to unlock much-needed investment from the crowd.”
There are now 21 Access Points signed up to the Reach Fund who are able to work with charities and social enterprises to apply for a grant. To the end of September last year the fund had made 45 grants with deployment continuing to accelerate.