Minister for the Third
Sector announces new investment and support for social investment
News Release issued by
the COI News Distribution Service on 15 September 2009
The Government’s
commitment to social investment was given a boost today by the
Minister for the Third Sector, Angela Smith
Speaking at Social Finance’s Social Investment Conference, the
Minister made a series of announcements to support social
investment – including a £5 million investment, three new Social
Return on Investment (SROI) reports and the launch of the UK’s
first Social Investment Almanack.
Angela Smith, Minister for the Third Sector, said to the Social
Investment Conference:
“This is an exciting time for social investment, and, despite the
challenging economic climate, I believe there are opportunities to
be seized. More and more people are seeking out ethical products
and services, investors want to know that their investments will
not only reap a financial return but will also deliver social
benefits. There is a change occurring in the way we do business
and social investment is at the heart of that change.
“I am pleased to announce our investment of up to £5 million in
the Bridges Social Entrepreneurs Fund. I am keen that we develop
ways to harness the power of the market and unlock mainstream
capital. Today’s announcement is an example of how the Government
can fill the gaps in the social investment market, by investing
directly and in doing so, leading the way and encouraging the
market to follow.”
The £5 million will be invested into the Bridges Social
Entrepreneurs Fund and will be matched by individuals, foundations
and institutions. The fund will improve access to risk capital for
new and growing social enterprises that deliver a high social
impact.
In light of this growing appetite for social return on investment
the Office of the Third Sector today published three new SROI
guides. The guides give an overview of SROI and what it can do for
organisations, commissioners and investors to help achieve the
greatest social impact in their work.
The Minister also presented the new Social Investment Almanack;
‘Good Deals 2009’ – a comprehensive guide to the world of social
investment. Recommending that all delegates made sure they had a
copy, the Minister said:
“I am really proud that the Office of the Third Sector helped to
create this new Almanack, I hope it will help the sector to build
networks and increase their impact. This resource should also
inspire would-be social entrepreneurs to take the next step.”
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