Newquay Community Orchard, which was built by the community for the community in the heart of Newquay, has received £100,000 investment from the Health & Wellbeing Challenge Fund (South West) (H&WCF) to help further grow the social impact of this highly successful organization. A mix of working and permanent capital will see more training courses, apprenticeships and employment opportunities offered as well as the building of a woodworking shed with a range of equipment. Established for a number of years, the orchard offers a vital green space for the people of Newquay.
This investment will allow a deeper level of engagement with people Newquay Orchard supports as well as the wider community including those who will be occupying the 200+ new homes being built nearby.
Luke Berkeley, Managing Director of the orchard talks about the impact they are aiming to deliver: “The Orchard has always been about the creation of a collective that can deliver social, environmental and economic change to one of the poorest communities in the UK. The investment will enable us to fast track a few projects to allow us to achieve greater impact to those in need.”
Leila Sharland, the Fund Manager at Resonance describes more about the deal: “This was one of the more straightforward loans for the Fund and we were able to meet Newquay Orchard’s request for a fairly fast turn-around. They applied in July and were approved with funds deployed in September. They were on the ball with quick responses to our questions and had already built a strong financial model.
“The enterprise works hard to build connections with a number of organizations and so they are able to make sure their impact goes across the board in Cornwall. It is great to see a really proactive response to significant change in the local area.”
The Health & Wellbeing Challenge Fund is an impact investment fund established with investment from the Growth Fund and South West Academic Health Science Network (SWAHSN). The Growth Fund is managed by Access – The Foundation for Social Investment and is funded from the Big Lottery Fund and Big Society Capital. The Fund seeks to make social impact investment more accessible and relevant to smaller social enterprises looking to expand their operations and impact in the South West linked to the broad theme of Health & Wellbeing.
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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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