What you need to know to invest in this Fund
Our Resonance North West Social Investment Tax Relief Fund is the third of a number of funds, which are investing in social enterprise in specific regions around the country. Resonance plans to launch more over the next few years.
The North West Fund comes after the successful launches and deployment of the Resonance Bristol SITR Fund and the Resonance West Midlands Fund.
The Bristol Fund has now raised £2.85m of its £5m target raise, has made eight investments so far and has recently published its second annual social impact report. The West Midlands Fund, which was launched early in 2018, has now raised £1.5m of its £5m target raise, and has already made its first four investments.
Social Investment Tax Relief (SITR) offers tax breaks to investors who invest in Charities, Community Interest Companies or Community Benefit Societies. It simultaneously drives down the cost of capital for social enterprises that need funding in order to scale up the impact of their projects, while reducing the risk for investors as they receive a 30% return up front through the tax relief.
Our experience is showing that there is a real opportunity for these investment funds to address poverty and inequality in our cities where deprivation and wealth exist in close proximity.
Some of the leading wealth managers and IFAs, whose clients have invested in the Resonance SITR Funds, are listed below.
Here's the video about the region and the Fund.
INVESTMENT PROPOSITION KEY FACTS:
- WHO YOU LOAN TO: PORTFOLIO OF SOCIAL ENTERPRISES IN THE NORTH WEST
- IMPACT: DISMANTLING POVERTY IN THE NORTH WEST
- TARGET FUND SIZE: £5M
- EXPECTED RETURNS: 7-8% POST TAX RELIEF (12% GROSS EQUIVALENT)
- TERM: 6-8 YEARS
- ASSETS: UNSECURED LOANS TO SOCIAL ENTERPRISES
- OPEN FOR INVESTMENT: ACCEPTING COMMITMENTS IN PRINCIPLE ONLY