A brief round-up of developments from the social investment world

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