Four new social investors have been approved to work with the Reach Fund, a £4m investment readiness grant fund. Approved investors, known as ‘Access Points’, can refer charities and social enterprises to apply for investment readiness grants.
The new ‘Access Points’ are First Ark Group, Plymouth City Council, Bridges Fund Management and the Arts Impact Fund. Two more social investors are expected to be confirmed as Access Points in the coming weeks.
The Reach Fund, funded by Access – The Foundation for Social Investment and managed by Social Investment Business, is specifically designed to give a bigger role to social investors and test a new model for investment readiness support.
Seb Elsworth, Chief Executive of Access said:
“I am delighted that these new Access Points are able to make investment readiness grants available to charities and social enterprises who need that support before taking on a loan. The Reach Fund is designed to make the process of accessing investment simpler for charities and social enterprises by enabling social investors to offer support at more stages of the investment readiness journey.”
When the fund was launched in October 2016 ten social investors were signed up as Access Points. By approving the new investors there are now fourteen organisations able to refer charities and social enterprises to apply for grants of up to £15,000. The grants can be used to pay for specific investment readiness support to help the charities and social enterprises raise investment.
Deborah Smart, Head of Grant Programmes, Social Investment Business said:
“With our increased cohort of Access Points I am looking forward to seeing more applications for the fund. We have already seen how the Reach Fund can help charities and social enterprises get over the line and secure investment and hope we will now see many more deals secured”.