Access The Foundation for Social Investment has been part of the Resonance story since they were set up in 2015. Access has been the catalyst for a number of social investment initiatives inclue the Growth Fund and they have also invested in a number of our impact funds. 

Our Twentieth Anniversary Book “Twenty Years of Impact” describes our journey since 2002 through the stories of our social enterprises, housing partners and investors. Seb Elsworth MBE, Chief Executive of Access, describes how Resonance and Access started working together to deliver more choices for investment for social enterprises.

Access set up to widen the reach of the social economyAccess – the Foundation for Social Investment was created in 2015 with an intention that it would have a significant impact on the reach of the social investment market, a market which all too often seemed to be remote and disconnected to the realities of smaller charities and social enterprises - those that make up 99% of our sector. Many felt that the products on offer weren’t tailored enough, that capital wasn’t shaped in the right way and wasn’t flowing to all parts of the social economy, and that the institutions of social investment weren’t accessible or relevant to ordinary organisations.

Working from strong foundations
As with all such narratives the picture was much more nuanced than that, and there existed a small group of long-standing social investors that had been working hard for some years to address precisely those issues highlighted above, with Resonance very much a part of that. Indeed, without the example of pioneering organisations like Resonance, Access would never have come into existence in the first place. Resonance and others showed that, with careful marshalling of resources, investment in network building and working hard to listen and respond to the needs of the market, that it was possible to make social investment relevant to the full range of charities and social enterprises that make up our vibrant and vital sector. Access has worked to extend the number of social investors able to set up and take this approach, and to increase the flow of subsidy required to make it happen, but all of our work has been built on those previously laid foundations. Similarly, the knowledge, understanding and insights we exploit are available to us because our vantage point is from the shoulders of giants like Resonance.

A key stakeholder
Right from the start of Access’ life Resonance has been a key stakeholder. It was one of the first applicants into the flagship Growth Fund, funded by The National Lottery Community Fund and Big Society Capital. The Growth Fund provides small scale unsecured loans to the types of charities and social enterprises that might otherwise struggle to access the investment they need to sustain or grow their activities, and Resonance used this programme to launch their South West focused Health and Wellbeing Challenge Fund. True to form, Resonance introduced some interesting and welcome elements of innovation into the delivery of their fund, finding ways to vary the product offering and introducing even smaller micro-loans, and performance-based repayments into their mix. After a slow start initially, in common with most funds, Resonance began to demonstrate strong demand for what they were offering and the Growth Fund partners were very pleased to be able to put even more investment into the fund after the first few years.

Continuing collaboration
During the roll-out of Access’ more recent blended finance funds we have had many more discussions and dealings with Resonance, always thoughtful and positive. Whether helping us make the case for more subsidy into blended finance, taking part in consultations or discussions on new programmes, engaging in peer-events with other social investors, or putting together propositions for Access to consider, the whole staff team at Resonance has consistently displayed a series of positive characteristics, characteristics that puts in mind of Daniel himself: a generosity of spirit, thoughtful consideration of the right ways to do things (in the interests of the charities and social enterprises we are all here to serve), a desire to continually seek new ways of working and improving, and an exacting approach to analysing, planning and delivering.

In a rapidly evolving and expanding sector, Resonance has consistently been a cornerstone, a driving force and an example to others. I’m confident it will continue to be all of those things in the future, as we try to continually improve our understanding of the best ways to get more and more capital to work for more and more communities. Access looks forward to continuing to being along for that journey.