Social impact investment company Resonance has won the Impact Investment Academy New Product Launch (Specialist) Impact Award for the second year running. This year’s award was given to the recently launched Resonance North West SITR Fund.
The Impact Champion in the New Product Launch (Specialist) category is unique. The judges commented, “Resonance North West SITR Fund is truly cutting new ground in impacting people’s lives. This fund provides growth capital to small but high-impact social enterprises that are dismantling poverty in the Northwest of England. Its regional focus reinforces the importance of pointing social impact investment into grassroots organisations in communities, typically those with real challenges to overcome.”
The Fund is the third regional SITR (Social Investment Tax Relief) Fund from Resonance, all with the same aim of dismantling poverty in a region, by investing in impact driven social enterprises. This Fund focusses on the North West, whilst the two previous Resonance SITR funds are based in The South West and West Midlands. These funds have already raised over £4m of investment from investment from Sophisticated High Net Worth Individuals, either directly or through their Wealth Manager. The funds have invested into over 12 social enterprises.
The North West of England was chosen as the third regional SITR Fund by Resonance, as it contains some of the most deprived areas in the country, areas which face persistent poverty and inequality, in fact over 19% of neighbourhoods in the region are in the top 10% most deprived in England. However, the region is also home to a strong social enterprise sector, that is providing vital support to those in need.
The Fund is a social investment fund which enables investors to build a portfolio of investments with the potential of attractive returns and tax relief benefits whilst also helping to dismantle poverty in and around the North West through backing high impact, mission-driven social enterprises. The Fund is currently approaching its first close with the initial deployments into social enterprises likely to take place in Q1 2020.
Anne Woolhouse, Investment Manager of the North West Fund said “We are honoured to have won this award, it represents recognition from the retail investment community. It also recognises the importance that SITR has to play in enabling qualifying investors to get tax relief for investing into mission driven social enterprise, at the same time enabling us to support social enterprises with patient unsecured debt.”
Gavin Francis, Founder of Worthstone and the Impact Investment Academy said “The judges were impressed with this innovative approach to leverage a completely different level of investor engagement in the social activities of investees and has the potential to open up a previously untapped pool of retail investors.”
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.
Disclaimer: This website does not contain, constitute, nor does it form part of, an offer to sell or purchase or a solicitation of an offer to sell or purchase, any securities, investments or financial instruments referred to herein or to enter into any other transaction described herein. Resonance is not providing, and will not provide, any investment advice or recommendation (personal or otherwise) to you in relation to any securities, investments or financial instruments or transactions described herein. Whilst all reasonable care has been taken to ensure the accuracy of the information contained in this website, neither Resonance nor its officers accept any liability for its contents or for any errors or omissions.