Department of Health’s Social Enterprise Investment Fund launches new Capital Growth Fund

10 August 2011

A new Capital Growth Fund offering grants and loans to social enterprises providing health and social care services in England is opening for applications on Thursday 11 August 2011.  

A total of £12million capital has been made available via the Social Enterprise Investment Fund (SEIF) to invest in organisations that want funding to support the growth of their enterprises. The Social Investment Business who, with Local Partnerships, manage the SEIF on behalf of the Department of Health are offering grants worth £50k to £150k with further funding available in the form of loans.

The money is available to buy or refurbish buildings, purchase large pieces of equipment and vehicles or to cover professional fees that relate to capital projects like the cost of architects or surveyors. The Capital Growth Fund will be open to applications from social enterprises that have existed for 12 months or more which provide health or social care services to people in England and are unable to source commercial funding for their growth plans.

The Social Investment Business Managing Director of Investments Sue Peters said:  

“There is a great deal of demand in the social enterprise sector for this kind of capital investment. Since we began managing the SEIF in 2009 we have invested over £63million in more than 370 social enterprises who deliver high quality health and social care services and it’s an area of public services where social enterprise involvement is expanding all the time. We are looking forward to receiving applications from social enterprises who are already providing excellent, innovative services to local people and who need capital investment to support their growth. ”

The SEIF was set up in 2007 to stimulate the role of social enterprise in health and social care, through providing investment to help new and existing social enterprises grow and improve their services.  By enabling social enterprises to deliver health and social care services, the SEIF aims to improve the quality of services for patients.  

Since it began the SEIF has invested more than £80million to support social enterprises providing a range of health and social care services to people all round England: 

• HCT Group successfully applied for a SEIF investment to buy a new fleet of minibuses to provide a user-designed community bus service in Hackney helping ill and elderly people travel to and from doctor and hospital appointments.
• Jets Foundation used a SEIF investment to fund an in-school anti-smoking and healthy eating programme for primary school pupils within two Local Authority areas in Cheshire.
• User Voice in central London received a SEIF investment to help them expand the drug and alcohol rehabilitation services they run for offenders and ex-offenders.

The SEIF Capital Growth Fund opens for applications at 9am on 11 August. The deadline for applications is noon on Friday 16 September and organisations must be able to spend any investment by the end of this financial year. For more information call 0191 2692276. Further information on SEIF will be available on our website from 9am on 11 August 2011.

Notes to editors

1.    For media enquiries or interviews, please contact The Social Investment Business press office:

Liz Banks - 0207 842 7726/ 07809 504072  liz.banks@socialinvestmentbusiness.org

Nicola Jones - 0207 842 7755 nicola.jones@socialinvestmentbusiness.org

2.       The Social Enterprise Investment Fund is managed on behalf of the Department of Health by The Social Investment Business working with Local Partnerships.

3.    The Social Enterprise Investment Fund was set up by the Department of Health in 2007 to enhance the role of social enterprise in the provision of health and social care. Since 2007 the SEIF has invested more than £80million in the health and social care sector. In the financial year 10/11 the SEIF invested around £40million in social enterprises providing health and social care services.

4.    This £12million Capital Growth Fund is for existing social enterprises only. NHS and public sector staff looking to spin out to create a social enterprise can contact Local Partnerships who have an additional £3million to support start-up social enterprises. Find out more by contacting Local Partnerships on 020 7187 7379 or SEIF@local.gov.uk

5.    The Social Investment Business, the largest social investor in the UK, exists to help social enterprises, charities and community organisations do more of what they do best – supporting people and communities most in need. We help organisations prosper by providing innovative financial solutions, business support and long term strategic thinking.

www.thesocialinvestmentbusiness.org    @TheSocialInvest

6.    The Social Investment Business manages the Futurebuilders Fund on behalf of The Office for Civil Society, the Social Enterprise Investment Fund for the Department of Health the Communitybuilders Fund which was endowed to parent charity the Adventure Capital Fund by the Department for Communities and Local Government.  We have over 1,100 active investments which range in size and scope from, for example,  £3,600 to help a small organisation bid successfully for a public sector contract, to £6.7million to help a large national charity establish and develop innovative new services for children and young people.

7.    Local Partnerships is a joint venture between HMT and the LGA. It was created to assist the stronger delivery of local services; whether by the public, third or voluntary sectors. Local Partnerships jointly fund manages SEIF, and is responsible for the fund management of the Right to Request, Right to Provide and other spin-out portions of the fund.