A major event to realise the opportunities available to social enterprises from Big Society Capital was staged in Liverpool on Tuesday 6th December and hosted by Social Enterprise North West (SENW).
The occasion also gave the Government’s Minister for Civil Society, Nick Hurd MP, the chance to hear about the state of the social investment market in the region, including some of the obstacles which the social sector in the region has come up against in accessing appropriate finance, and potential solutions.
Speaking at the event, he 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 enterprises to access funds when other lenders turn them down.’
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.
Around 60 guests met at The Women’s International Centre for Economic Development (WICED) in St James Street, Liverpool, with Big Society Capital’s chief executive, Nick O’Donohue and discussed wider issues around social investment with Nick Hurd MP.
Val Jones, chief executive at Social Enterprise North West, who chaired the seminar, 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 so I am delighted that the minister and Big Society Capital were able to come to Liverpool to share their vision.’
‘With less public money around, loan funding is an attractive option for many social enterprises to help finance their growth. Funders were able to hear first-hand how they can best meet the needs of the social enterprise sector.’
‘The social enterprise sector in the North West generates about £3billion annually, employs more than 50,000 people and harnesses the capacity of 30,000 volunteers.’