Resonance Makes its First Investment From the Health & Wellbeing Challenge Fund
Hollywell Housing Trust, a social enterprise set up to offer bespoke housing services for vulnerable people in Devon & Cornwall, will receive £90,000 from the Health & Wellbeing Challenge Fund (South West) – the first investment from the Fund, which was set up in July 2016.
Hollywell provides an invaluable service to vulnerable people by providing a tenancy and housing support service, which is designed to enhance and support their lives to enable them to live independently in a suitable and sustainable environment.
The investment will allow Hollywell to expand their operations, reduce their waiting list and reach new areas across the region, increasing its capacity in the first year by 200% – an exciting step for both the Fund and for the wider South West community.
This loan has come at a pivotal time as the CEO of Hollywell, Katie Sherjan explains: “The upfront cost of renting property for vulnerable people is high, meaning we are under cash flow pressure in order to grow the business and increase the number of people we support. Our primary purpose is to provide as many people as possible with a safe, sustainable place to live. We also provide the housing and tenancy support they need to maintain their home but we were struggling to keep up with the ever-increasing demand. Investment from the Fund will enable us to grow the business much faster than we would have been able to do alone – the plan is to increase the number of tenants we have from 25 to 75 in the next 12 months and continue at a similar growth rate going forward.”
The investment is a key milestone for the Fund and Resonance believes Hollywell is a great example of the type of organisation the Fund was designed to help. Daniel Brewer, Managing Director of Resonance said: “We were particularly impressed with this organization – not only with the positive effect Hollywell’s approach is having on the lives of people they house and support, but also how they bring together a partnership between landlords, support providers, commissioners as well as the individual and often their family.”
The £5m Health & Wellbeing Challenge Fund (South West) is managed by Resonance, which is a national social impact investment company, with investment from the South West Academic Health Science Network and the Access Foundation Growth Fund.[1]
Veryan Young, Investment Manager for the Fund, said: “The organisations we back provide enormous value and potential to challenge and change the system. We are particularly interested in seeing innovative partnerships, especially ones that prevent or delay the need for people to rely on statutory health and social care services or accelerate people out of them.”
Resonance wants organisations in Somerset, Devon, Cornwall and the Isles of Scilly to get in touch with “big ideas” that improve the health and wellbeing of people and could be an effective challenge to the status quo with the right financial backing.
Veryan Young, Resonance’s Investment Manager for the Fund can be contacted at veryan.young@resonance.ltd.uk
More information can be found here
[1] The Growth Fund provides a blend of loan from Big Society Capital and grant from the Big Lottery Fund to social lenders across England, allowing them to offer smaller loans to charities and social enterprises and take much greater risk than lenders have typically been able to do before.
