Minister for Civil Society Rob Wilson today announced £1.5 million funding for a second tranche of the Impact Readiness Fund (IRF) during a visit to social enterprise Tapestry in Hornchurch.
Tapestry works with older people in Havering, Barking and Dagenham, helping sufferers of dementia with home care and meal deliveries. The social enterprise benefitted from a £25,000 grant during the first IRF round in February 2015 which resulted in securing a further £46,000 of grant funding, allowing them to focus on improving the quality of their service.
The first IRF round, worth £2 million, was launched in October 2014 and supported 51 social enterprises, improving their ability to manage their performance and increase their social impact and helping them unlock more funding through social investment and securing public contracts.
Grants of between £25,000 and £100,000 will be available in the second round of the IRF. The grants will help ventures build the infrastructure and skills required to manage their performance, increase their social impact, and attract social investment or win contracts.
Charities and social enterprises can apply by looking at the forms and guidance online.
Applications are open until 8 January.
The IRF is managed by the Social Investment Business. They have provided more than £340 million in grants and loans to 1,300 charities and social enterprises since 2002.
“The Impact Readiness Fund has helped Tapestry unlock nearly double the amount of funding, making a huge difference to the lives of older people in the local area. This second round of funding will build on the huge success of the first round, helping to build a truly compassionate society”
Rob Wilson MP, Minister for Civil Society
Chief Executive of Tapestry, Anthony Lowe, said:
“The support we received from the Impact Readiness Fund has been extremely important part of our journey to become investment ready as an organisation. It not only enabled us to secure additional investment but also started a process which, we believe, will enable us to secure significant additional investment to our social businesses which will make a huge difference to enabling older adults to live healthy and fulfilled lives at home and within their communities.”
“The Impact Readiness Fund was heavily oversubscribed so we are delighted to be re-opening it. Effectively demonstrating social impact is more important than ever and many social ventures need support to build in systems or develop new skills. Funders, investors and commissioners are increasingly focused on outcomes and impact so support for this vital work needs to continue.”
Jonathan Jenkins, Chief Executive, Social Investment Business