NAME OF ORGANISATION: NEDCare CIC
LOCATION: Devon
YEAR FOUNDED: 2015
ABOUT: A community led organisation which now provides Care Quality Commission (CQC) registered domiciliary care to over eighty people in its homes in this sparsely populated rural area.
INVESTMENT PURPOSE: Working capital to recruit more care workers, enabling it to grow its services across the region.
INVESTMENT AMOUNT: £150,000
DATE OF INVESTMENT: May 2018
SOURCE OF INVESTMENT: Health & Wellbeing Challenge Fund
IMPACT: Health, Wellbeing & Social Care;
ABOUT: NEDCare was set up after the threatened closure of Moretonhampstead Community Hospital back in 2014 led to the area being in ‘market failure’ for social care due to the lack of regulated care agencies in the area providing care to older people in their homes. Patients would be left waiting in acute hospital beds, or prematurely leaving their homes to move into residential care, often miles away from friends and family and the communities they knew, negatively impacting their quality of life and resulting in large costs to the health service. The area’s aging population often belong to small, isolated communities with poor transport links and little access to shops, services and employment opportunities. Building strong relationships and adopting a client-led approach to their healthcare lies at the heart of NEDCare. Through individual care plans, listening to the client and a holistic approach to individualised support, NEDCare has been rated “good” by CQC.
PURPOSE OF INVESTMENT: The investment from the Health & Wellbeing Challenge Fund allowed NEDCare to expand so it can meet demand from the NHS and Devon County Council to provide homecare for individuals leaving hospital, which will prevent bed-blocking. The CIC is working hard to recruit and train more carers to provide care in the area. Whilst the carers were initially self-employed in order to assess the market demand, NEDCare now employs its carers directly. Without NEDCare most people would have to go into a care home prematurely or remain in hospital. People are now able to be looked after in their own homes reducing costs to the NHS and improving patient outcomes.
Julia Darby, Executive Director of NEDCare: “The team at Resonance have been fantastic. After we had talked on the phone about what we do and why we wanted the loan, they came over to spend a morning really getting to know the business, how it works and our vision for the future of older peoples care on northeast Dartmoor. They explained the process which was really straightforward and then walked us through that, step by step. They really couldn’t have been more helpful. The loan will be providing working capital for NEDCare as we grow our client base over the coming two years to reach and surpass our minimum viability level of service.”
Tom Crook, Investment Manager at Resonance: “NEDCare has a strong team in place, which has built bridges and engaged with the community, working hard to focus on the real needs of individuals. It started trading in July 2017 and has a strong track record over those months of growing month on month. It is on an upward trajectory and Resonance is delighted to be able to support NEDCare to provide for an area that was so badly affected by the lack of such provision.”
Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
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