“Burning desire for renewable woodfuel heating system sparks reaction”
Real impact – The Community Share Underwriting Fund (CSUF) made a loan offer to John Cleveland Co-operative in support of their project to install a state-of-the-art renewable woodfuel heating system in a local college. Although the underwriting offer was accepted, the group did not need to draw down the facility as they reached the target for their Community Share Offer. The co-operative said “we would like to thank the team at Resonance for arranging this facility and supporting our share offer and the support this gave in helping boost investor confidence and reach our target”
The CSUF provides underwriting loans to community groups who are raising finance for their projects through a Community Share Offer. We can underwrite up to 50% of the total fund raising target – so even if the project only raises half the finance required from the share offer it can draw down a loan for the other half and get started.
The high demand for this pilot Fund has meant we are now fully committed, through supporting projects such as community farms and business parks, community wind projects, community hydro-electricity projects and community woodfuel heating projects. We have begun to raise the next round of investment for this fund, with a £200,000 investment commitment from the Barrow Cadbury Trust. If you are a Trust/Foundation and would like more information about investing, please contact us.