TDC partners with Resonance to support North West social enterprises
Supporting the regions in which we operate is part of our DNA and this commitment goes beyond the investments we make, by partnering with likeminded organisations, projects and causes where we can deploy our unique expertise to help them deliver their mission.
We recently formed a new partnership with social impact investment company, Resonance, and are supporting their North West Social Investment Tax Relief (“SITR”) Fund (“the Fund”). This newly-launched Fund will offer investment to social enterprises within the region, helping them grow their business and impact sustainably.
Resonance aims to connect capital and social enterprises by creating investment funds that support causes with a high social impact. The Fund will provide affordable and flexible loans to social enterprises, allowing them to become more sustainable by providing the capital they need to grow. This, is turn, will enable these organisations to increase their impact in addressing the roots of poverty and disadvantage across the North West.
Thanks to the SITR model, the Fund will enable investors to help local causes, whilst also securing tax relief on their investment. Similar to the Enterprise Investment Scheme (“EIS”), SITR encourages social enterprise investment by allowing qualifying investors to deduct 30% of the cost of their investment from their income tax bill, either for the tax year in which the investment is made or the previous tax year.
The launch of the Resonance North West SITR Fund follows the success of similar regional Funds from Resonance targeting social enterprises in Bristol and the West Midlands. Through investment in their West Midlands SITR Fund, Resonance were able to support Birmingham-based charitable organisation, The Jericho Foundation. The first investment from the West Midlands Fund, Jericho received £100,000 to expand its ReUsers social enterprise programme – an upcycling initiative which sees unwanted items turned into things that people want to buy.
Another organisation to have benefitted is Bristol 24/7, an online newspaper and monthly printed magazine that reaches and encourages those from marginalised neighbourhoods by offering training, work experience and internships in journalism.
TDC Partner, Gary Davison, comments: “TDC has a long-term commitment to helping the local communities within which we operate, in addition to a strong focus on supporting SMEs in the region, so this latest Fund is a perfect match for us.
“It’s a privilege to support Resonance, and we look forward to helping add value to their raising of capital and investment activities with our expertise and network, and to ensuring that the North West SITR Fund flourishes in supporting social enterprises.”
Anne Woolhouse, Investment Manager from Resonance, added: “It is exciting to be bringing the SITR Fund to the North West where many of our team and TDC are based. The Fund presents a huge opportunity for investors to support ambitious social enterprises across the region whilst taking advantage of SITR. The support of TDC will bring a new dimension to fundraising, which will undoubtedly assist the Fund in its aims to build a strong, diverse portfolio of investments, with significant potential for generating social impact at scale. ”
To attend the launch event for the Resonance North West SITR Fund, then please click the link below. The event takes place on Thursday 16th May, 6pm – 8pm at the Clink Café in Manchester. Register your free place here – https://www.eventbrite.com/e/launch-of-resonances-social-investment-fund-for-the-north-west-tickets-55957030986
Posted by
Gary Davison
Partner