This story from Co-operative News in February 2008 is the model for a “Social Business Fund” that we want to fuel with the “Sustainable Investment Network“:
CO-OPERATIVE & Community Finance is celebrating a record year of achievement after providing over £1.7 million in loan finance to support the growth of the sector. Throughout 2007, the lender for social purpose - formerly known as Industrial Common Ownership Finance (ICOF) - has helped a range of both new and existing enterprises such as community radio stations, development trusts, support organisations and employee-owned businesses including:
• Ecosulis - a Bath-based co-operative providing consultancy and contracting services in ecological and environmental assessments, protected species work, arboriculture and biodiversity management. It also offers tree surgery, landscaping, ecological mitigation works and environmental contracting services
• The Bootstrap Company - a development trust based in Dalston, London, that works to ensure regeneration projects benefit the community. The trust also manages a portfolio of affordable workspace for businesses, charities and voluntary groups
• Welsh Biofuels - a leading biomass fuel company in Bridgend offering a viable and sustainable alternative to the rapidly diminishing supply of fossil fuels.
Ian Taylor of Co-operative & Community Finance said: “We’re proud to announce another excellent year of achievement as it indicates that more and more cooperatives and social enterprises are accessing specialist lending support that’s tailored to their needs.
“In particular we’re encouraged that over 70 per cent of our borrowers in 2007 were co-operatives.”
This increase in the total of co-ops supported has been boosted by the Village CORE Programme. The programme is a partnership between Co-operative & Community Finance, the Esmee Fairbairn Foundation and ViRSA (Village Retail Services Association) which aims to provide £2m of start-up funding to new community-owned shops over the next three years.
As well as being its biggest ever lending year, 2007 also saw the launch of the third share issue of Co-operative & Community Finance’s ICO Fund plc.
For 20 years, ICO Fund plc has raised finance which is lent, repaid, and lent again to co-operatives across the UK. From Elm raised from previous share issues, ICO Fund plc has lent over £3.3m to 150 enterprises - trebling its positive impact for co-operatives, their members and local communities.
In the first half of the year Co-operative & Community Finance was also gifted the Avon & Bristol Cooperative Finance (ABCF) Ltd loan fund in recognition of its experience and expertise. ABCF funds a range of loan services to support new and existing social enterprises and co-operatives in and around Bristol, Bath, Somerset and Gloucestershire.
These services include loans, long-term development finance, credit draw-down facilities, and funded business support.
For further information contact Co-operative & Community Finance on 0117 916 6750 or info@co-opandcommunityfinance.coop
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