This fund is part of a 10 year pilot that looks to improve the social economy in 4 boroughs of Greater Manchester, Stockport, Bolton, Oldham and Wigan. Managed by Key Fund Investments Limited (KFI) via a service level or grant agreement, the pilot fund operates through a single purpose subsidiary, the GM Local Access Ltd.
Fund Offer:
Investments up to £30k open to all organisations at an early stage of their trading activity and looking to grow that activity.
Eligibility:
The business must be based in and/or operating from Stockport, Oldham, Bolton or Wigan.
The organisation must be looking to grow their trading activities in the above boroughs and be looking to grow their social impact to improve the social economy and better the lives of people living in those boroughs.
Greater Manchester Social Investment can invest in any organisation that has social purpose; this means social enterprises, trading charities, cooperatives, community benefit societies and social businesses that have:
The majority of their income coming from trading activity or plans to grow their trading activity (selling of goods and/or services)
A clear social purpose statement
A 51% profit redistribution clause (this is only relevant if they have a company limited by shares, such as a private company limited by shares – including CICs limited by shares)
A director’s remuneration clause (reasonable remuneration for directors according to their sector or industry)
An asset lock (a legal clause stating that the company’s assets will only be used for the organisation’s social objectives, and setting limits to the money it can pay to shareholders)
