The North of England’s longest-standing specialist investor in community and social enterprises, Key Fund, has made its goal to invest in 100 enterprises per year, for the next three years.
The £10M new funds were announced at its launch event today (28 Oct).
These include a £5.5M Northern Impact Fund, supported by Access – the Foundation for Social Investment, with funding from Big Society Capital and the Big Lottery Fund, which offers blended loan and grant investments up to £150,000. Additionally, Key Fund have also secured £4.5m of new finance direct from Big Society Capital, to support general investment activity.
Founded in 1999, the Key Fund has supported thousands of enterprises, which create positive social impact in local communities across the North and Midlands. Enterprises can operate across any sector, from supporting new artists to reducing homelessness, to recycling projects and community-run pubs, swimming pools and libraries.
Key Fund launched the new funds at its new offices in Sheffield, alongside revealing a brand re-vamp. It also shared its Social Impact Report 2015/16.
The last year saw Key Fund invest a total of £10m in 201 enterprises, which received funds ranging from £5k to £300k. The investments created 37 new businesses, created 293 jobs and safeguarded 188 jobs.
Matt Smith, CEO of Key Fund, said: “Our Social Impact Report demonstrates what a significant impact the sector has. There are inspiring businesses and individuals, who are not only generating jobs in some of the most disadvantaged communities, but are also tackling deep-rooted social issues. We’re now looking for 300 more community and social enterprises to come forward over the next three years, whether they are start-ups or existing enterprises looking to expand, diversify or grow.”
We’re now looking for 300 more community and social enterprises to come forward over the next three years.
One of the enterprises who attended the Key Fund launch event was East Street Arts, who received a £110,000 loan to renovate a building in Leeds and create a residential Art Hostel and creative hub.
Nicola Greenan, External Relations Director for the Art Hostel, said: “Even though it’s a strong business model because it’s completely new and we’re a charity, it was difficult to get high street lending, especially in the current economic climate. Without Key Fund’s support, the project wouldn’t have happened.”
Catering at the launch event was provided by another Key Fund client, Eudaimonia who operates Super Kitchen and provides outside and event catering. It delivers affordable, healthy ‘social’ eating to help address social isolation and improve community health. Those who can’t afford to pay, can volunteer their services in return for food.
Key Fund invested £90,000 loan to support the purchase a vehicle and ancillary equipment.
Steve Ralf, Chairman of Eudaimonia, said:
“Without the money and support from the Key Fund we could not have expanded the Super Kitchen model. Our bank wouldn’t support us but the Key Fund were very keen to help. They came over, went through the figures, helped with the application forms and I was very surprised how quickly it happened, it really worked well. We now have five vehicles on the road supporting our work and without the Key Fund we wouldn’t be here today, you can’t say more than that.”
Key Fund’s mission is to invest in enterprise that makes a real difference to local communities. All its investments are made to enterprises turned down by mainstream finance providers, particularly those in areas of disadvantage with a high social impact.
Matt Smith added: “We’re incredibly proud of our work, and the impact that our investees have on the lives of people in need. We know just how difficult it is to run an enterprise that attempts to balance commercial and financial targets, as just like our clients, we are a Social Enterprise too. Our passion for this work and commitment to our mission has never been stronger.”
To find out more or apply for the Northern Impact Fund, visit: www.thekeyfund.co.uk
Consumers Investing in Eco-Friendly Cars with the UK Green Revolution
The UK public appears to be embracing the electric car UK Green Revolution, as recent statistics reveal that more and more consumers are making the switch from petrol and diesel to electric or alternatively fuelled vehicles. The demand for diesel fell by almost a third in October compared to last year, whilst hybrid and electric cars rose by a staggering 36.9%.
Time for UK Green Revolution Change
So, what is the reason for this sudden change? This comes down to the current situation in the UK, which has led to people embracing eco-friendly technologies and automobiles. One of the main reasons is the Government’s clean air plans, which includes the impending 2040 ban on petrol and diesel automobiles. There is then the rollout of the T-Charge in London, the city of Oxford announcing that they will be banning petrol and diesel from the city centre by 2020 and various other big announcements which take up a lot of space and time in the UK press.
In addition to this, the negative publicity against diesel has had a huge impact on the UK public. This has led to a lot of confusion over emissions, but actually, the newest low emission diesel automobiles will not face restrictions and are not as bad to drive as many believe. Most notably, German brand Volkswagen has been affected due to the emissions scandal in recent times. It was discovered that some emissions controls for VW’s turbocharged direct injection diesel engines were only activated during laboratory testing, so these automobiles were emitting 40 times more NO in real-world driving. As a result of this and all the negative publicity, the manufacturer has made adaptations and amended their vehicles in Europe. Additionally, they have made movements to improve the emissions from their cars, meaning that they are now one of the cleaner manufacturers. Their impressive range includes the Polo, Golf and Up, all of which can be found for affordable prices from places like Unbeatable Car.
The Current Market
The confusion over the Government’s current stance on diesel has clearly had a huge impact on the public. So much so that the Society of Motor Manufacturers and Traders (SMMT) has called on the Government to use the Autumn Budget to restore stability in the market and encourage the public to invest in the latest low emission automobiles. SMMT believes that this is the fastest and most effective way to address the serious air quality concerns in this country.
One way that the Government has encouraged the public to make the switch is by making incentives. Motorists can benefit from a grant when they purchase a new plug-in vehicle, plus there are benefits like no road tax for electric vehicles and no congestion charge. When these are combined with the low running costs, it makes owning an electric automobile an appealing prospect and especially because there are so many great models available and a type to suit every motorist. One of the main reasons holding motorists back is the perceived lack of charging points. However, there are currently over 13,000 up and down the country with this number rapidly increasing each month. It is thought that the amount of charging points will outnumber petrol stations by 2020, so it is easy to see more and more motorists start to invest in electric cars way ahead of the 2040 ban.
It is an interesting time in the UK as people are now embracing the electric car revolution. The Government’s clean air plans seem to have accelerated this revolution, plus the poor publicity that diesel has received has only strengthened the case for making the switch sooner rather than later.
7 Benefits You Should Consider Giving Your Energy Employees
As an energy startup, you’re always looking to offer the most competitive packages to entice top-tier talent. This can be tough, especially when trying to put something together that’s both affordable but also has perks that employees are after.
After all, this is an incredibly competitive field and one that’s constantly doing what it can to stay ahead. However, that’s why I’m bringing you a few helpful benefits that could be what bolsters you ahead of your competition. Check them out below:
One benefit commonly overlooked by companies is offering your employees financial advising services, which could help them tremendously in planning for their long-term goals with your firm. This includes anything from budgeting and savings plans to recommendations for credit repair services and investments. Try to take a look at if your energy company could bring on an extra person or two specifically for this role, as it will pay off tremendously regarding retention and employee happiness.
While often included in a lot of health benefits packages, offering your employees life insurance could be an excellent addition to your current perks. Although seldom used, life insurance is a small sign that shows you care about the life of their family beyond just office hours. Additionally, at such a low cost, this is a pretty simple aspect to add to your packages. Try contacting some brokers or insurance agents to see if you can find a policy that’s right for your firm.
Dedicated Time To Enjoy Their Hobbies
Although something seen more often in startups in Silicon Valley, having dedicated office time for employees to enjoy their passions is something that has shown great results. Whether it be learning the piano or taking on building a video game, having your team spend some time on the things they truly enjoy can translate to increased productivity. Why? Because giving them the ability to better themselves, they’ll in turn bring that to their work as well.
The Ability To Work Remotely
It’s no secret that a lot of employers despise the idea of letting their employees work remotely. However, it’s actually proven to hold some amazing benefits. According to Global Workplace Analytics, 95% of employers that allow their employees to telework reported an increased rate of retention, saving on both turnover and sick days. Depending on the needs of each individual role, this can be a strategy to implement either whenever your team wants or on assigned days. Either way, this is one perk almost everyone will love.
Even though it’s mandated for companies with over 50 employees, offering health insurance regardless is arguably a benefit well received across the board. In fact, as noted in research compiled by KFF, 28.6% of employers with less than 50 people still offered health care. Why is that the case? Because it shows you care about their well-being, and know that a healthy employee is one that doesn’t have to worry about astronomical medical bills.
Unlimited Time Off
This is a perk that almost no employer offers but should be regarded as something to consider. According to The Washington Post, only 1-2% of companies offer unlimited vacation, which it’s easy to see why. A true “unlimited vacation” program could be a firm’s worse nightmare, with employees skipping out every other week to enjoy themselves. However, with the right model in place that rewards hard work with days off, your employees will absolutely adore this policy.
A Full Pantry
Finally, having a pantry full of food can be one perk that’s not only relatively inexpensive but also adds to the value of the workplace. As noted by USA Today, when surveying employees who had snacks versus those who didn’t, 67% of those who did reported they were “very happy” with their work life. You’d be surprised at how much of a difference this could make, especially when considering the price point. Consider adding a kitchen to your office if you haven’t already, and always keep the snacks and drinks everyone wants fully stocked. Doing so will increase morale tremendously.
Compiling a great package for your energy company is going to take some time in looking at what you can afford versus what’s the most you can offer. While it might mean cutting back in other areas, having a workforce that feels like you genuinely want to take care of them can take you far. And with so many different benefits to include in your energy company’s package, which one is your favorite? Comment with your answers below!