March 2017

We Won! In the effecive working partnership category

March 29, 2017

Award recognises Just Growth Fund

For the second time Co-operative & Community Finance has won an award at the Responsible Finance conference. On 28 March 2017, it won the Citi Microentrepreneurship Award for Effective Partnership for its work with the Just Growth Fund.

The Just Growth Fund, launched in 2015, focuses on supporting businesses in community food and farming work. To date Co-operative & Community Finance has made loans to four enterprises via the fund: the Ecological Land Co-operative, Veg Box People, Scotland the Bread and Plotgate Venture.

Tim Coomer, Business Development Manager at Co-operative & Community Finance said “We are absolutely delighted to have been awarded The Citi Microentrepreneurship Award for Effective Partnership. Our collaborative work with Funding Enlightened Agriculture (FEA) and Esmée Fairbairn Foundation has unlocked vital grant, loan and social investment for our fantastic Just Growth food and farming societies.”

In 2015 Co-operative & Community Finance won the award for Innovation, in recognition of its work in enabling community ownership through innovative lending and investment funds.

Jennifer Tankard, Chief Executive of Responsible Finance, said: “Responsible finance providers are creating jobs, enterprise and opportunities in communities across the UK. It is inspiring to see how Co-operative & Community Finance is working creatively to support a thriving co-operative food and farming sector. It is a great example of effective partnership working that focuses on how best to support financially and socially successful businesses.”

Bob Annibale, CMA Judge and Global Director of Citi Inclusive Finance and Community Development said: “Whether in Central London or in rural Cornwall, it is inspiring to see how individuals and organisations are putting their communities at the heart of their business models so that their enterprising clients can create jobs and support more inclusive economic opportunities and growth. Congratulations to Co-operative & Community Finance and all of the winners.”

The Citi Microentrepreneurship Awards (CMA), delivered in partnership by Responsible Finance and the Citi Foundation, champion the thriving small businesses of Britain and home-grown entrepreneurs. To be eligible for the awards a business must have benefited from an affordable loan from responsible finance providers and have contributed to the local economic growth in the UK.

March 15, 2017

Will you be our next treasurer?

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Help us build a thriving co-operative sector

Co-operative & Community Finance is looking for a Treasurer to support the Industrial Common Ownership Finance Ltd (ICOF) board and small staff team. Our well established organisation, which supports a range of co-operative businesses with loan finance is looking for a confident ‘numbers’ person to help us grow steadily over the next few years.

We would like someone who has a high level of financial understanding with experience of accounting and bookkeeping to monitor and challenge the operations of ICOF Ltd and its subsidiaries on behalf of the board.

A person with knowledge and experience of co-operatives, employee ownership and community organisations would be desirable as would experience of both company and society accounting. We encourage strategic thinkers, creativity, and people with willingness to both speak out and work effectively on a board.

There is no remuneration attached to the role but reasonable expenses are paid. The role requires a commitment to attend four meetings a year and further occasional executive and audit committee responsibilities.

For further information about the role please contact Tim Coomer, Business Development Manager.
tim@coopfinance.coop
07342 674673

March 10, 2017

First loan from new co-op pub support scheme

support Financing Community Ownership, Lending

An ancient village inn, dating back to 1250, that had closed in December 2014, has become the first to benefit from a loan from a new scheme to support community ownership of pubs. On 28 February 2017 the Duke of Marlborough at Somersham near Ipswich was bought by a community benefit society with more than 230 members.

Somersham is a village of 316 households in a rural area that includes several villages and hamlets. There is a good culture of community activity including a successful community-owned shop, established in 2014. When the owners of the only pub in the village retired and closed the business, the local people were determined to save this vital and long-established heart of the community.

They received specialist advice and finance from the More Than A Pub programme, which was set up in 2016 to support community ownership of pubs in England. This two-year programme is funded by the Department for Communities and Local Government and Power to Change, and is delivered by the Plunkett Foundation. Co-operative & Community Finance arranges loan finance for groups that have successfully attracted local investment, usually in the form of community shares. Somersham Community Pub Ltd is the first group receive a loan via Co-operative & Community Finance under this programme.

The community share issue for the Duke of Marlborough raised over £200,000. With the grant from More Than A Pub, and the loan from Co-operative & Community Finance, this was enough to proceed with the purchase of the pub. The Duke of Marlborough will re-open in April after some essential repairs. At first it will be run by volunteers but the group is planning to employ a manager and chef after the kitchen has been refurbished.

James Batchelor-Wylam, Chairman of Somersham Community Pub Ltd, said: “We raised the money, we negotiated the purchase and now we have the keys. That’s a massive milestone. This really is a huge achievement, made possible by the fantastic people who invested in shares – 230 of them so far, and numbers still rising! It’s not only the shareholders we have to thank. It’s also the many organisations and individuals who have given us time, advice, grants and support in kind.”

Tim Coomer, Business Development Manager of Co-operative & Community Finance, said: “I have been very impressed by the commitment, knowledge and skill of the people involved. The village already has a successful community shop and there is clearly local support for this type of enterprise. I expect this will be the first of many pubs that we will support under the More Than A Pub programme.”