West Midlands SITR Fund Social Impact Report 2019/20
The Resonance West Midlands Social Investment Tax Relief (SITR) Fund was launched in 2018, following the successful launch and initial deployment of the Resonance South West SITR Fund (one of the first investment funds in the country to benefit from SITR).
The Resonance West Midlands SITR Fund raised over £1.8m, of which £1.15m is now deployed, supporting a range of impact-led social enterprises tackling poverty and disadvantage across the West Midlands. You can learn more about the Fund’s current investees, and the positive impact they’ve delivered so far, in the latest Social Impact Report.
The Fund is no longer fundraising following the decision by Government to not extend the SITR scheme beyond 2023, but continues to deploy its remaining funds into high-impact social enterprises across the region.
The Resonance South West SITR Fund raised over £3m, which has now been fully deployed into South-West based social enterprises.
The Social Investment Tax Relief (SITR) scheme offers tax relief to investors who invest in eligible 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 whilst reducing the risk for investors, as they can receive 30% of the value of their SITR qualifying investments in the form of income tax relief.
Our experience is showing that these investment funds have been a brilliant tool to help 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.
For further information and examples of the types of West Midlands based social enterprises in which this Fund is investing, please watch the short video and download the briefing note below.
There is an extended edit of the video here.
INVESTMENT PROPOSITION KEY FACTS:
- WHO YOU LOAN TO: PORTFOLIO OF SOCIAL ENTERPRISES IN THE WEST MIDLANDS
- IMPACT: DISMANTLING POVERTY IN THE WEST MIDLANDS
- FUND SIZE: £1.8M
- EXPECTED RETURNS: 7-8% POST TAX RELIEF (12% GROSS EQUIVALENT)
- TERM: 6-8 YEARS
- ASSETS: UNSECURED LOANS TO SOCIAL ENTERPRISES
- OPEN FOR INVESTMENT: NO