Over 40 businesses attended an investment event held in Coventry, highlighting the benefits of social funding.
In the first of its kind in the Midlands, the event was organised under the Community Impact Partnership between Clarion Housing Group, L&Q, Orbit and Peabody Group.
Under the partnership, social enterprises and charities said to be achieving positive social and economic impact in communities are offered unsecured loans of between £25,000 and £150,000.
Alongside this, wider support such as financial and business planning advice is to be offered by the four partners.
Launched to boost communities and support local regeneration, the first £3m fund is supported by the Growth Fund, which is managed by Access – the Foundation for Social Investment – with funding from the National Lottery Community Fund and Big Society Capital.
The events schedule included talks by existing social enterprises and representatives of the CIP, as well as the chance to ask questions and networking opportunities.
Penny Hembrow, chair of the Community Impact Partnership, said: “All four housing groups involved in this partnership already provide £30m worth of community investment through grants and services to support the communities they serve.
“But by coming together, through the Community Impact Partnership, they can now provide a new form of finance to help those communities even further.”
She added: “Our vision is to provide finance to those enterprises with a social mission who plan to take their businesses to the next level.
“We want to provide the right finance and support at the right time as organisations grow and move to their next stage.
“With Coventry holding Social Enterprise City status and with the City of Culture coming in 2021, we were keen to play an active role in supporting this part of the enterprise and business sector, to help them deliver more of the great services they already provide.”