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Prepared by the UK Social Investment Forum
Unity Trust Bank launches grant bridging funding facility
Unity Trust, the specialist third sector bank, is now offering short term loans for organisations waiting to receive grant funding. www.unity.uk.com
Breakthrough II investment fund launched by CAN and Permira
Breakthrough II was launched at the end of October. It is a social investment programme which is designed to tackle the financial and management challenges inhibiting growth in social enterprise. Breakthrough II follows an initial two year pilot initiative by CAN (Community Action Network) and private equity firm Permira. www.can-online.org.uk
London Rebuilding Society (LRS) achieves £2m milestone
The Society reached the target of £2m in September. Since its launch in 2001, it has made 72 loans of an average size of £28,500. The Society makes loans to social enterprises in Greater London. www.londonrebuilding.com
Charity Bank open for business in the North
Charity Bank has opened its first branch in Yorkshire and Humber. Charity Bank in the North aims to help organisations travel up and down a ‘staircase’ of funding. www.charitybank.org/north
Aston Re-Investment Trust (ART) celebrates 10th anniversary
In its first decade ART has lent over £5.5m to commercial and social enterprises in the Birmingham area, enabling borrowers to preserve or create over 2,500 local jobs for local people. www.reinvest.co.uk
Fenland Green Power Co-operative issues shares
Fens Co-op will produce electricity for over 2,000 homes for the next 23 years. As well as providing investors with a share of the profit from the sale of electricity, the Co-op will also generate finance for a community fund to help with other local energy saving and environmental activities. www.fens.coop
The UK’s first community-owned hydro electric project opens share offer
Torrs Hydro New Mills is located in the High Peak of Derbyshire. A share of the revenue from the scheme will be used to regenerate the community and to promote environmental sustainability in the local area. The prospectus for new shares was launched at the end of September. www.torrshydro.co.uk
European Commission announces new microfinance initiative
The initiative aims to increase access to finance for small businesses and socially excluded people in the EU. It includes a proposal for a European-level facility to support the development of non-bank micro-finance institutions. www.europa.eu
If you require further information on these stories or have a social investment news item, please contact Adam Ognall, UKSIF Deputy Chief Executive, at adam.ognall@uksif.org
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