New Social Financing for Northern Ireland

Ulster Community Investment Trust (UCIT), a community finance development organisation, is partnering with Big Issue Invest (BII), a UK-based provider of loans to social enterprises, to offer new finance to social enterprises in Northern Ireland through the Social Enterprise Investment Fund. UCIT is investing £250,000 into BII’s Social Enterprise Investment Fund in order to bring the initiative to Northern Ireland.

The partnership offers social enterprises in Northern Ireland access to a £10million investment fund. This investment fund, along with the advice and support of the Social Economy Network in Northern Ireland, will enable the sector to strengthen its position as an essential and invaluable part of sustainable and inclusive economic development.

Speaking at the launch event, Seamus O’Prey, Chair of UCIT, commented: “UCIT is committed to assisting social enterprises to become more efficient and have adequate resources in place. I am delighted to be working with BII in bringing this fund to Northern Ireland as it will enable local groups to get access to these investment opportunities.”

Nigel Kershaw, CEO Big Issue Invest, commented: “In order for the social economy sector to make its mark and play an effective role in the economy it needs access to support and investment. Working with UCIT we identified the clear need for a method to provide medium and long-term funding for social enterprises. The Social Enterprise Investment Fund presents a new and innovative way of introducing finance to Northern Ireland’s social enterprises.”

Lobbying continues for EU Bank for Social Investment

The Euclid group continues to lobby for reform of social financing in Europe to respond to the current financial crisis facing us all. Established in 2007 the Euclid Network connects around 300 leaders from 24 countries from across Europe for a more innovative, professional and stronger European civil society.

The organisation is working on a number of fronts including: a better usage of existing resources and the development of new sources of income through the reform of European funding, the establishment of a European Bank for social investments and supporting members in innovative fundraising and developing the social enterprise business model.

The idea of a European Bank for Social Investments is a good one, as the availability of credit and capital is tough enough for business never mind those who are developing Social Enterprises. 

The aim of their Sustainable Funding programme is to increase scale and effectiveness of available funding and develop a culture of sustainable financial management.

They also announced in March that they had received funding from the European Commission to run 35 exchanges for social entrepreneurs, an Erasmus for Social Entrepreneurs. These exchanges must be between EU member states and generally last one month. Members can receive €1,100 towards their costs for a one-month exchange, as well as induction information and preparatory briefings.