A major summit highlighting the opportunities available to social enterprises from Big Society Capital has taken place in Liverpool hosted by Social Enterprise North West.
The meeting gave Government Minister for Civil Society Nick Hurd the chance to hear about the state of the social investment market across the North West, including some of the obstacles the sector has come up against accessing appropriate finance and potential solutions.
Big Society Capital, which is run independently from government, will play a critical role in speeding up the growth of social investment by utilising an estimated £400million in unclaimed assets that have been left dormant in bank accounts for over 15 years and £200million from the UK’s largest high street banks.
Mr Hurd said: "I'm in Liverpool today to make social enterprises here, and across the north west, fully aware of the funding opportunities available.
"Big Society Capital is breaking new ground and it is one way for social enterprise to access funds when other lenders turn them down."
Around 60 delegates were invited to the one-day seminar at The Women's International Centre for Economic Development (WICED) at St James Street to meet with Big Society Capital’s chief executive Nick O’Donohue and discuss wider issues around social investment.
Representatives from the Local Enterprise Partnerships, chambers of commerce and financial institutions joined social enterprises at the event.
The event was chaired by chief executive at Social Enterprise North West Val Jones, who said: “This region has a vibrant and diverse social enterprise sector and the role of SENW is to encourage growth and help shape future government policy.
“With less public money around, loan funding is an attractive option for many social enterprises to help finance their growth. I was keen that the funders heard first-hand how they can best meet the needs of the social enterprise sector.
“The social enterprise sector in the North West generates about £3 billion annually, employs more than 50,000 people and harnesses the capacity of 30,000 volunteers.”
Mr Hurd, added: “Social investment has the potential to transform how the social sector is funded, becoming a significant third pillar of finance alongside traditional philanthropy and Government grant funding.
“Government is supporting the development of the social investment market to enable innovative social sector organisations to access the finance they need to grow and increase their social impact.
“We are doing this primarily through establishing Big Society Capital, which will be capitalised with up to £600million. The social sector must now prepare to take full advantage of the opportunity Big Society Capital presents.”
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