Social Impact Academy Fund of the year award goes to Resonance West Midlands SITR Fund
Great news… we are thrilled to have been awarded the New Product Launch (Direct) at the Social Impact Academy 2018 event on November 8th. The award means a massive amount to us all at Resonance, as it illustrates how the industry recognises the potential in our funds and the impact we are making as a business to both society and the impact investing sector.
This award was for our West Midlands SITR Fund, which was launched earlier in the year and has generated investments from investors totalling £1.25 million, and has already made its first social enterprise investment for a total of £100,000, whilst two more investments are about to be announced very soon.
The first investment from the fund has been made into Jericho Foundation, they are using the investment to help take on a third building in Sutton Coldfield for their ReUsers business, which takes unwanted stuff heading to the tip and turns it into items that people want to buy. It should help Jericho increase turnover by 25% over the next 12 months and create an extra six apprenticeships and volunteering positions for people who have significant personal or occupational barriers to employment, training or social inclusion.
The Resonance West Midlands SITR Fund is the second SITR Fund we have launched, it follows on from our successful Bristol SITR Fund launched in 2016. A further fund based in the North West will be launched in early 2019.