MEETING COMMUNITY NEEDS
Are you a community group looking to fund a project to meet a specific need in your community? Maybe you have identified a need for affordable homes to keep families in the area in which they grew up, or to encourage more key workers. Or your community needs more leisure or sports facilities. Perhaps your community would like its own renewable energy generation scheme. Some communities may want an integrated project with a mix of needs. Whatever your plans, Resonance may be able to help.
We have been supporting community groups with projects for over a decade. We understand the challenges and are passionate about seeing local communities take control their destiny. Resonance helps communities raise capital from our social impact fund, Resonance Community Developers as well as from community share issues, mini bonds and bank debt.
Resonance Community Developers partners with local community groups to help them provide community-owned affordable homes, sports and leisure facilities and renewable energy initiatives. The fund’s vision is for communities to be empowered to own assets and meet local needs, contribute to placemaking, build economic resilience, tackle inequality and strengthen community cohesion for the benefit of us all. A chronic shortage of genuinely affordable homes, and a housing market unable to respond to ultra-local housing needs in England means that 92% of local authorities are not meeting affordable housing needs. Furthermore, financial pressures are squeezing public agencies’ ability to continue funding non-essential services, such as sports facilities, which they may not be legally required to provide, but which play a vital role in supporting local communities and high streets.
Resonance Community Developers has been designed to address these issues by providing an end-to-end financial package from seed funding to development finance, as well as wrap-around support for community groups through their entire journey, not just at one point in time. Housing, sports and community renewable energy have been selected as the initial asset types as they meet the twin criteria of there being a community need and having a sustainable revenue model.
The fund builds on our track record of successfully investing into communities through our Community Share Underwriting Fund and Affordable Homes Rental Fund. Together, these two funds supported a total of twenty-two projects, with £8.3m invested and underwritten by Resonance.