Fund makes ‘significant and positive impact’ says report

Since May 2012 94 social ventures with high potential for growth have received grants worth £8.9 million to purchase specialist support such as legal advice, financial management and public service commissioning, thanks to a business support fund managed by the Social Investment Business and funded by the Cabinet Office, reveals a report released today.

Some 74 are still actively carrying out their business support programmes.

The £10 million Investment and Contract Readiness Fund (ICRF) is the world’s first fund dedicated to helping charities and social enterprises acquire the skills they need to raise investment and compete for public service contracts, and it has already made a “significant and positive impact”, according to the independent review Ready, Willing and Able: An interim review of the Investment and Contract Readiness Fund by The Boston Consulting Group.

Within this, eight charities and social enterprises have won investments and contracts worth £35 million: grants worth £815,144 have already helped the first eight ventures to win deals worth £34.9 million.

Read the rest of this article at Charity Times