Asda Foundation and Social Investment Business launch new social investment fund to support community enterprise
First Steps Enterprise Fund to make £300,000 available to communities in North West and South West of England.
The Social Investment Business Foundation is delighted to be working with a pioneering corporate foundation to pilot a £300,000 social investment fund that will help entrepreneurial early stage charities and social enterprises access growth finance and inspire other corporate foundations to invest their endowments innovatively to create greater social impact.
Asda Foundation is working in partnership with the Social Investment Business Foundation to pilot a social investment fund that will help develop and improve communities. The First Steps Enterprise Fund will complement Asda Foundation’s other programmes and will meet their aim of creating stronger and more sustainable communities.
From 13th April, charities and social enterprises working in communities in the North West and South West of England will be able to apply for a loan-grant package of up to £30,000 to help them grow their services and become more sustainable. These small loans are the first step towards accessing the wider social investment market and more financing options.
Jonathan Jenkins, CEO of the Social Investment Business, said ‘This is a fantastic opportunity for both communities in the North West and South West but also for both organisations involved. We look forward to working with the Asda Foundation to expand their solely grant-based work into the social investment sphere and to use this to make tangible change in communities.’
John Cookman Chair of the Asda Foundation said: ‘The Asda Foundation is delighted to be in partnership with Social Investment Business to support them in this new Enterprise programme and look forward to working together.’
Julie Ward, Asda Foundation Manager said ‘we’re really please we can support Social Investment and help groups to grow and develop sustainable projects in their local communities’.