Enterprise Homes Group (EHG) works to make homelessness history by providing accommodation, support, training & employment to those experiencing a period of homelessness. And this latest investment of £105,000 from the West Midlands Social Investment Tax Relief (SITR) Fund, enables EHG to expand its impact.
The investment from the West Midlands SITR Fund will be utilised within EHG’s recently launched trading arm, ReGen Household CIC, which sells affordable second-hand furniture and housewares through its new retail space, as well as providing a professional house and property clearance service.
The investment will be used to refurbish and launch ReGen Household’s retail and warehouse space, as well as scaling its household clearance business – including developing new infrastructure, investing in new vans, and additional staff team.
This crucial and timely investment will enable EHG to scale up its operations, leading to more training and employment opportunities for those facing homelessness, social exclusion and barriers to employment. Having access to EHG’s training and meaningful employment opportunities enables individuals to gain crucial employability skills that also build their confidence, hopes and aspirations for the future.
Established in 2014, EHG works in Wolverhampton to support people in the area who are experiencing or at risk of homelessness. It operates a family culture, supported by its team of coaches and volunteers. Its activities include direct homelessness support services particularly First In Skills, which provides accommodation alongside work experience and opportunities to learn a trade; First In Reach, a community based floating support service working to prevent people from falling back into recurring periods of homelessness; and First In Homes, through which EHG partners with local churches to offer supported accommodation opportunities to individuals in need. Regen Household CIC is the Charity’s latest venture, launched to generate additional income streams to fund its training programmes, as well as enabling it to offer more training and employment opportunities to the individuals that it supports.
Thanks to this investment EHG will be able to expand its holistic support opportunities to more people in Wolverhampton at risk of homelessness, enabling them to gain confidence and develop skills to help them rebuild their lives.
During the last twelve months, EHG was involved in a significant way in the Everybody In Hotel scheme, in partnership with Wolverhampton Council and other statutory and voluntary sector agencies across the city. Accommodation and support were provided to over 160 single people over this period; twenty-seven of whom were without access to public funds. Within its own service provision, EHG has accommodated, supported and/or trained over fifty individuals in the last twelve months.
Grace England, Investment Manager for the Fund, said: “We’re looking forward to seeing the Enterprise Homes Group team use this investment to take the organisation to the next level, and grow its income generating potential, as well as its social impact, significantly. We’re really pleased that SITR has enabled this investment to happen on terms that work for EHG, at a crucial time in the organisation’s growth plans.”
Matt Lambert, EHG’s CEO said: “Working with Resonance to establish an opportunity for EHG to receive SITR investment has only been possible due the commitment, patience and support of the Resonance staff. The investment achieved allows EHG to continue to extend its mission of supporting those most distant from secure housing and employment opportunities through the extension of its social business activities. This funding enables EHG to establish a firm operational foundation and then scale up quickly our new Household Clearance and Furniture Sales Social Enterprise, both from a business perspective but also in respect of increasing our social impact and transforming lives.”
According to the government’s latest homelessness statistics, almost 660 households in Wolverhampton were owed a homelessness relief duty (support to find secure accommodation) in the period Jan – Mar 2020.
About Social Investment Tax Relief
The Resonance SITR Fund has pioneered the use the of SITR which was introduced in 2015, and which simultaneously lowers the cost of loans for enterprises and enables the potential for competitive returns to investors.
The Resonance West Midlands SITR Fund provides a vital support scheme for social enterprises and charities that are working hard to improve vulnerable people’s lives in our communities across the region.
Resonance also operates a SITR Fund in the South West.
For more information about investing in our SITR Funds click here.
If you’re a social enterprise based in the South West or West Midlands and are looking for investment click here.
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