April 2017 | Co-operative and Community Finance

April 2017

April 18, 2017

Just Growth keeps growing

Just two weeks after winning the Citi Microentrepreneurship Award for Effective Partnership in recognition of its work with the Just Growth Fund, Co-operative & Community Finance has released another loan under this innovative programme for community-based food and farming projects.

Sacred Earth, a community land project that is reclaiming and nurturing a 40-acre site of an abandoned brickworks near the village of Horam in East Sussex, has just received a loan from the Co-operative Loan Fund, which is managed by Co-operative & Community Finance.

The site is home to a number of nature-based ventures including the production of biochar (a form of charcoal), growing and processing of herbs, animal husbandry, willow production and basket making, ecotherapy, and a wide range of courses and workshops.

The project had been developing gradually since a local philanthropist bought the site in 2011, but last year it registered a community benefit society and launched a share offer. It raised £45,000 from a total of 170 members and this made the venture eligible for a grant and a loan under the Just Growth Fund.

Project manager Oliver Bettany said: “The success of the share offer has given us an enormous boost. We have spent the last few months putting in place new protocols to streamline the organisation so it is transparent and accountable to its members. We plan to hold our first AGM in September and we will be inviting our new members to discuss key issues and elect a management committee.”

Over the next five years Sacred Earth plans to increase the production and sale of biochar, expand its educational programmes, provide practical support and training for young rural entrepreneurs, produce food and medicinal herbs, establish a centre for ecotherapy, and look after the land for the benefit of the local community and future generations.

Ian Rothwell, Investment Manager at Co-operative & Community Finance, said: “Sacred Earth is an amazing venture that has attracted people who are passionate about nature and the environment. Now with support from Just Growth and the Co-operative Loan Fund they are turning a project about sustainability into a sustainable business.”

April 6, 2017

We are an Access Point

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We are helping to roll out a major initiative to support charities and social enterprises to access the investment they need to grow and diversify their income streams.

Co-operative & Community Finance is one of just 10 organisations in England to be approved as an Access Point for the two-year, £4m Reach Fund which will provide grants to organisations that need specific support to be able to take on a loan. The initiative, funded by Access – The Foundation for Social Investment and managed by Social Investment Business, is designed to test a new model of investment readiness support.

Could you be eligible?

Reach Fund can offer up to £15k in grant support to get you investment ready. As your nominated Access Point we can help you through the application process. Please note that the Reach Fund is only open to organisations based in England.

You may be a start up organisation who has developed your business plan, but need to work on your financial forecasts or need to pay for professional help to get those last agreements ready to be signed off. Or perhaps you are an established organisation taking on debt for the first time and need someone to review your governance structure or help put financial systems or social impact monitoring in place.

To be eligible to apply with us as your nominated Access Point you need to meet our lending criteria. For further information, go to the Reach Fund website.

“We often see applications from co-ops that have great plans or growth strategies but aren’t quite ready for us to offer them finance. Before we can offer finance we need to see strong financials, a polished business plan, confidence in the governance and drafted or in place legal agreements.” Tim Coomer, Co-operative & Community Finance’s Business Development Manager

Often groups have done most of the hard work but falter before the last hurdle. This is because they need to pay for that bit of legal advice or haven’t been able to pay for the sector specialist to check the numbers. This is where Reach Fund can really help get groups over the line.”

If you want to chat through your eligibility or discuss how to apply, please contact Tim Coomer tim@coopfinance.coop or phone 07342 674 673.

Access – The Foundation for Social Investment was launched in early 2015 to bridge the gap between charities and social enterprises and social investors, to help make social investment easier to find and more relevant for those charities and social enterprises. Access is funded by the Cabinet Office, the Big Lottery Fund and Big Society Capital.