Access exists to bridge the gap between smaller charities and social enterprises and social investors. While we support existing social investors, we are also keen to encourage applicants from new providers even if they do not have a track record of lending.
Our mission is to expand the amount of lending to charities and social enterprises, so we wish to attract applicants to the Growth Fund with excellent networks and good knowledge with experience of supporting the sector, but who may not themselves have a track record of managing a lending process.
Loan Administration Service
Through the provision of loans administration service, Access is seeking to eliminate a significant barrier to becoming a social investor under the Growth Fund. The use of this service is not compulsory, but would offer interested applicants one potential solution for the technical aspects of managing a loan portfolio.
The objective is to provide a turnkey solution for new social investors issuing Growth Fund loans and to support consistent, accurate and reliable reporting of lending performance. In turn this supports our reporting requirements and allows us to monitor the financial performance of the Growth Fund loan portfolio.
Access has appointed Street UK as our preferred supplier of the loans administration services for Growth Fund social investors. They are already working with one of our open Funds and are available to work with other Growth Fund applicants who are interested in this service.
Further information about Street UK’s system and service is sent to applicants as part of their full application pack, following receipt of an eligible and suitable Expression of Interest form. A brief overview of Street UK and the service and can be found below.
About Street UK
Street UK (CIC) is a not-for-profit that provides an affordable alternative to high cost providers of credit on a sustainable basis. Since 2000, when Street UK was established, the organisation has agreed more than 31,000 loans advancing over £15 million and saving each customer an average of £242 when compared with commercial lenders.
Street UK is also the leading provider of back-office services and software solution to the social enterprise and community finance sectors. They currently provide business solutions for over 20 social enterprise and community sector lenders and Peer-to-Peer lending networks and work in partnership with local authorities, housing organisations and regional consortiums to assist in delivering local housing strategies and securing the Government’s decent homes standard.
Overview of the service
The portfolio and management information system used by Street UK is “StreetSERVE”. This system has been developed by Street UK over the last 16 years and is now one of the leading software systems used in the UK CDFI sector.
Street UK can take responsibility for the day-to-day administration and back office function of a social investor’s loan accounts. The management of the client relationship will remain with the social investor, who will have remote access to the portfolio administration system.
Overview of fees for Growth Fund social investors
The cost of hosting a separate dedicated system for the Growth Fund, supporting access to the system for Access, managing the database, reporting to Access and providing accountancy services is borne by Access.
Street UK will charge an annual fee to each social investor using the system. This includes introducing the social investor’s brand to system produced documentation, providing initial training for the social investor and providing ongoing support.
Additional per-loan charges apply and are detailed in the application pack that is made available to eligible social investors.
Should you be interested in potentially making use of Street UK services as part of your application, please indicate this when submitting your Expression of Interest. If you are invited to apply, Access will then provide more extensive information, including a full breakdown of fees, as well as contact details for you to discuss your application with Street UK.
Remember, use of the service is not obligatory.