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Minister for the Third Sector announces new investment and support for social investment

News Release issued by the COI News Distribution Service on 15 September 2009

The Government’s commitment to social investment was given a boost today by the Minister for the Third Sector, Angela Smith

Speaking at Social Finance’s Social Investment Conference, the Minister made a series of announcements to support social investment – including a £5 million investment, three new Social Return on Investment (SROI) reports and the launch of the UK’s first Social Investment Almanack.

Angela Smith, Minister for the Third Sector, said to the Social Investment Conference:

“This is an exciting time for social investment, and, despite the challenging economic climate, I believe there are opportunities to be seized. More and more people are seeking out ethical products and services, investors want to know that their investments will not only reap a financial return but will also deliver social benefits. There is a change occurring in the way we do business and social investment is at the heart of that change.

“I am pleased to announce our investment of up to £5 million in the Bridges Social Entrepreneurs Fund. I am keen that we develop ways to harness the power of the market and unlock mainstream capital. Today’s announcement is an example of how the Government can fill the gaps in the social investment market, by investing directly and in doing so, leading the way and encouraging the market to follow.”

The £5 million will be invested into the Bridges Social Entrepreneurs Fund and will be matched by individuals, foundations and institutions. The fund will improve access to risk capital for new and growing social enterprises that deliver a high social impact.

In light of this growing appetite for social return on investment the Office of the Third Sector today published three new SROI guides. The guides give an overview of SROI and what it can do for organisations, commissioners and investors to help achieve the greatest social impact in their work.

The Minister also presented the new Social Investment Almanack; ‘Good Deals 2009’ – a comprehensive guide to the world of social investment. Recommending that all delegates made sure they had a copy, the Minister said:

“I am really proud that the Office of the Third Sector helped to create this new Almanack, I hope it will help the sector to build networks and increase their impact. This resource should also inspire would-be social entrepreneurs to take the next step.”

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