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Big Society Capital - potential for Portsmouth?
| Author: kim@paritytrust | Published: 10th April 2012 11:32 |
PORTSMOUTH could be the potential beneficiary of significant new investment , according to the Chief Executive of local community development finance institution, Parity Trust.
The Big Society Capital was launched by Prime Minister David Cameron last week, and is a ground breaking £600 million financial institution with a mission to grow a new "social investment market" - that is, a market in which charities, social enterprises and community groups can provide services for the public good, and not for profit and access affordable finance.
"In Portsmouth and our neighbouring communities, social investment is needed that will help charities and not for profit companies like us grow and increase the number of services, therefore generating new jobs, improving the environment and generally helping tyhe local commuinity" says Chief Executive Simon Frost. "And if we can ultimately secure some of this new finance, we can develop and also provide new services very quickly: for example, cash to improve and refurbish local community facilities, provide more affordable housing for rent and purchase and help people maintain their homes."
One of the key aims of the Big Society is to help social enterprises innovate, expand their services and develop better solutions to social problems. The funds, an estimated £400 million from unclaimed cash left in dormant bank accounts for over 15 years and another £200 million will come from the four largest high street banks; Barclays, LloydsTSB, HSBC and RBS.
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