The challenge
Raising and scaling place-based funds using Social Investment Tax Relief(SITR) can be challenging, with the lack of track record making it difficult to attract investors to this new market.
Our approach
This facility will support the West Midlands fund to scale and will also support the launch of further SITR funds for other regions.
The fund
Resonance have launched place-based social investment tax relief (SITR) funds (the South West and the West Midlands) and plan to continue to launch funds in new areas of the UK. The funds invest in social enterprises addressing regional poverty and inequality. This facility will help the new regional funds launch and will also top up existing funds, giving confidence to the market and helping the fund reach sustainability.
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Big Society Capital commitment
£2.25 million
Key information
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Geography
UK wide -
Investment type
Enterprise debt -
Fund manager
Resonance -
Investment status
Current -
Investment date
2019 -
Term
5 years
Sustainable development goals
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1: No Poverty End poverty in all its forms everywhere -
2: Zero Hunger End hunger, achieve food security and improved nutrition and promote sustainable agriculture -
8: Decent Work and Economic Growth Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all -
10: Reduced Inequality Reduce inequality within and among countries
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Other investors
Individual investors