Chief executive of Access – the Foundation for Social Investment, Seb Elsworth said:

‘This is a substantive,  thoughtful and timely contribution. The call for more “enterprise-centric” finance for social enterprises is key to delivering the outcomes we all want to see. The good news is that we know how this can be done. As the report says, blended finance and smart use of subsidies are now proven modes to achieving this. This approach has transformed the supply of small-scale lending over the last five years and, by combining loans and grants together in a blended package, finance is flowing to the places which need it the most.

‘With our partners we are working on new models of patient and flexible finance using a similar approach. I’m pleased the Commission has recognised the importance of sustaining and growing the field of blended finance, with further long-term supply of grant subsidy, which has the potential to transform the market further over the next decade in many of the ways the Commissioners recommend.

‘The report confirms the need to refocus efforts on removing the structural barriers faced by minoritised communities to accessing finance. The creation of a black-led social investment intermediary would be a positive step forward and would build on work already underway across the social investment sector.’