Trillion Fund Loan Model Casualty of UK Government Policy
Today, Trillion Fund, the crowdfunding platform that raises money for environmental and social projects, has announced they are no longer offering renewable energy loans. CEO Julia Groves has stepped aside and deputy CEO, and co-founder of Buzzbnk, Theresa Burton is the new CEO. Buzzbnk.org will continue to operate as a rewards based platform for charities.
As recently as April, Trillion fund had raised £536,800 through the Seedrs crowdequity platform. Government announcements following the May general election are having ramifications for renewable energy in the UK.
Their important update blog stated, “Together with Buzzbnk we have raised over £4 million for more than 100 projects. We have played a major role in changing the regulations and tax for everyday investors. And we have shown that there are people who want triple bottom line returns: profit that also benefits people and planet.
“UK renewable energy projects have been our primary focus to date, but recent changes in government policy have rocked investor confidence and made the landscape for future renewable energy projects very uncertain. As a result we are not going to be offering any new renewable energy loans until we have a clearer view of what projects may be available and general investor appetite.
“In these uncertain times, the company will instead focus on offering technology and crowdfunding services to other businesses across all sectors. Buzzbnk.org will continue to operate as a rewards based platform for charities and social enterprises.
“Because of this shift in direction, Julia Groves is stepping aside as CEO, and Theresa Burton, our current deputy CEO and COO, and co-founder of Buzzbnk, will take up the reins, running the platform and overseeing interest payments and capital repayments to our lenders. Julia will remain as a Director on the Board of the company and continue to campaign for changes to the proposed cuts.
“We have resources to do this and anyone with loan contracts with E2 Energy, E5 Energy, and The Converging World will not be affected.”
Trillion Fund have prepared the following FAQ.
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