Who supports the Community Enterprise
The Community Enterprise Growth Plan is supported by a growing coalition of social enterprise, charity representative bodies and social investors.
What they say
This consultation marks a once-in-a-decade opportunity to decide how we use hundreds of millions of pounds to help communities. We must use this precious resource wisely. Ultimately, we know that trading is the only route to lasting transformational change. The Community Enterprise Growth Plan is a smart way to deploy limited funds to support social enterprises in places that need them. I hope that the Government listens to the social enterprise sector and experts in backing this proposal.
Peter Holbrook CBE,
Social Enterprise UK
We know that the voluntary and co mmunity sector (VCS) plays a crucial role in building relationships, so that communities and charitable organisations can make the best use of funding. We welcome the Community Enterprise Growth Plan as a great opportunity to make a real difference to marginalised groups experiencing poverty and inequality, and we hope that the VCS is supported to make the most of this scheme.
Over the last decade dormant assets have played a vital role in laying the foundations for UK social impact investment. They’ve helped harness billions of pounds for charities and social enterprises to deliver positive social change to “left-behind” communities. For example, 65% of the organisations that receive capital from Big Society Capital’s portfolio alone are based in the UK’s most deprived parts of the country. The Community Enterprise Growth plan offers a massive opportunity after the pandemic to build on that progress and genuinely level up by giving power to the communities that are most in need to help themselves.
Big Society Capital
The Community Enterprise Growth Plan fills the missing piece in the jigsaw for trading social purpose organisations through heralding in a new category of funding and support to build the sustainability and resilience of enterprises in marginalised communities.
School for Social Entrepreneurs
The Dormant Assets Act enjoyed cross-party support throughout its passage through Parliament due to a high level of consensus about the need for investment in communities. The Community Enterprise Growth Plan sets out a coherent plan for how levelling up can be achieved in practice, encouraging enterprise and empowering local communities. It would deliver much-needed investment in a practical and evidence-based way.
Access - the Foundation for Social Investment
The best way to level up the country is to grow social enterprises. We know it works. My Commission on Social Investment found that every pound we put into supporting social enterprise will generate several times that in new jobs, new investment and strengthening communities. We have the formula, but we need the next round of Dormant Assets to accelerate the growth of social enterprise and level up even faster.
Central to this has to be reaching out to parts of our society which have struggled to get access to finance and support in the past. We need more black-led businesses, more women-led businesses and more led by people with disabilities. Social enterprises have a fantastic track record in bringing new entrepreneurs into communities and this Plan will help bring opportunity to places that need it.
Lord Victor Adebowale,
Chair of the independent Commission on Social Investment
With the right design and effective deployment, the next wave of dormant assets could have a transformative impact on the social economy. We know from experience that patient and flexible investment into charities and social enterprises can strengthen social infrastructure, build organisational resilience and create long term employment. The Community Enterprise Growth Plan sets out a clear and ambitious proposal for dormant assets funding that will build on proven work and ensure money gets quickly to the people and places that need it most.
Social Investment Business
As the UK recovers from the pandemic and faces the cost-of-living crisis, the Community Enterprise Growth plan offers an excellent opportunity for the government to collaborate with the social impact sector to drive private investment towards where it is needed most.
By targeting support to underserved places and communities, private capital can be deployed to help tackle some of society’s most entrenched social issues, building on the strong foundations laid by local social enterprises.
Impact Investing Institute
Bringing £880 million of unused financial products out of limbo creates a real opportunity for the government, and for the UK. As we face a cost of living crisis and emerge out of a global pandemic it is urgent that this wealth is used in a way that creates sustainable change for our communities.
The Community Enterprise Growth Plan will be able to double the amount invested, ensuring society’s Dormant Assets go even further to create real long term positive social impact. These collaborative plans put wealth back into the hands of the people - particularly social entrepreneurs in historically underfunded communities – uplifting UK society and the economy as a result.
There are enterprising communities up and down the country who are already delivering huge change in their local area. An injection of patient, strategically targeted capital delivered by the Community Enterprise Growth Plan could unleash even greater potential for local communities and make a meaningful impact on levelling up. At Power to Change, we’ve taken the lead alongside partners to develop an approach to blended finance and seen first-hand how this can drive sustainable change locally. Kindred in Liverpool is building, nurturing and reinvesting in the city region’s social economy but it all began with patient capital and faith in the community.
Power to Change
The use of Dormant Assets for social impact investment in England has been an outstanding success, boosting social investment, social enterprises and communities across the country.
As I can confirm as CEO of the Global Steering Group for Impact Investment, this is an approach which has inspired and taken forward in several other countries. Now, the Community Enterprise Growth plan can be another big success story, using the tools of impact investing and social enterprise to build stronger communities and improve the lives of people across the country.
Global Steering Group for Impact Investment
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