The Heart of the South West Local Enterprise Partnership (LEP) is carrying out a study to understand the potential for a future Social Impact Fund for the region.
The Heart of the South West LEP has commissioned a scoping report into a potential Social Impact Fund for the area, which covers Devon, Somerset, Plymouth and Torbay. The study will be carried out in partnership with social impact consultancy AchieveGood, and will seek to establish what the fund could look like and how it would support inclusive growth in the area.
The Heart of the South West area has a lower-than-average economic output, facing significant challenges around low productivity, low wages, a lack of affordable housing and some of the most deprived areas in the UK, a fact often hidden by the area’s natural beauty.
Place-based social impact investment has been effectively used across the country as a catalyst for initiatives aimed at addressing significant local challenges. This approach unites a diverse array of stakeholders, including charities, businesses, social enterprises, civil society and wider partnerships.
A Social Impact Fund could help address these challenges by making investments that deliver both social and economic benefits.
At this point the LEP is looking to understand the potential for such a fund – no decision on launching a fund has been made – and local stakeholders are invited to take part in a survey to build a picture of what a fund might look like. You can take the survey via this link: https://tally.so/r/31k7GQ. The closing date is Monday 17th July.
Karl Tucker, Chair of the Heart of the South West LEP, said: “We are delighted to be working with Achieve Good to explore the potential for a social impact fund in our region. Inclusive growth is a key priority for us, and we believe that a Social Impact Fund could help to deliver important social and economic benefits that our communities need.”
Jack Scriven, Associate Director at AchieveGood, said: “We’re delighted to partner with the Heart of the South West LEP to explore a social impact fund for the region. AchieveGood specialises in cross-sector collaborations and place-based initiatives that drive positive change. Together, we’ll engage local stakeholders to explore how social impact investing can address key challenges and foster inclusive growth in the Heart of the South West. We’re excited to hear your thoughts and insights on this important initiative.”
