Social impact investment company Resonance has launched their latest Social Impact Tax Relief (SITR) Fund in the North West.
The Fund follows on from the successful model created by the existing funds based in the West Midlands and Bristol. These two regional funds have already raised over £4 million of investment and have invested in thirteen social enterprises.
All three SITR funds have the same ambition, to support social enterprises to help dismantle poverty and disadvantage in the regions they operate in. The North West Fund has been launched as Resonance has identified a real need in the area from social enterprises for affordable, patient finance.
Liz Allen, Director of The Connectives and a member of the Resonance North West Investment Committee says: “The North West certainly has a need for social impact investing and the Resonance SITR Fund, as it’s an area that has seen massive cuts in public spending, which means a lot of the services delivered by the public sector have to be delivered by social enterprises. These organizations need access to capital for them to be able to meet the demand.”
Anne Woolhouse, Investment Manager at Resonance who will be leading the Fund commented: “We are very excited to be launching the Resonance North West SITR Fund, as the latest region with a need clearly identified. We have already received anchor investment of £375,000, and are in discussion with a number of potential investors and wealth managers that are keen to invest for social impact as well as financial return.”
Resonance has roots in the North West, having had an office in Manchester for the last seven years, with the Manchester team being proud to be associated with the region.
The Fund is now open to investment and already has an established pipeline of social enterprises into which it is considering investing.
For more information about Resonance and the Fund please contact:
Paul Handford, Head of Communications
m/ 07718 975684
Anne Woolhouse, Investment Manager
m/ 07860 496792
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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