The Group has committed a further £200,000 loan to Social Impact Investor Big Issue Invest – an organisation that enables social enterprises to access finance to grow, develop and sustain social impact. Our third investment takes our total commitment to £625,000.
This additional commitment means that up to ten organisations will receive investment over the term of the loan. Big Issue Invest plans to market its loans in the Group’s key regions, targeting social enterprises and profit-for-purpose businesses which support our customers and communities.
Big Issue Invest (BII) offers a range of social investment options to social enterprises and charities from £20,000 to £3 million. BII is leading social impact investors working across the UK with a range of funds and partners. Part of the Big Issue Magazine Group, BII tackles social issues including education, housing, employment and the environment.
Our social value work aims to address four priority areas:
- physical and mental wellbeing
- economic and social opportunities
- digital and financial inclusion
- sustainable and resilient communities.
Last year, the Group created over £280 million of social value through activities and initiatives across our businesses. We will continue to build on our strong track record of making a difference for customers and communities through all of our work over the coming year.
Marcus Hulme, Director of Places Impact, said:
“As a Group, we have a long-term commitment to help communities thrive. We are well placed to make an impact, so I’m happy we’re building on our existing commitment with Big Issue Invest to use our resources to deliver more social value within our communities.”
Danyal Sattar, Chief Executive Officer of BII, said:
“Investment from Places for People allows us to extend our social reach, making social investment more accessible to smaller charities and social enterprises. We are committed to enabling communities finding enterprising solutions to pressing social problems through a hand up and not a handout.
“This relationship builds on the ethos of our Group. Our focus coming out of Covid-19 is on helping communities build local economies, create jobs, and provide services to meet local needs. We are delighted to be working with Places for People in achieving that.”
In December, we released our first ESG report which showcases the Group’s approach to the significant social, economic and environmental challenges faced today.