Boosting Socially Trading Organisations in the North of Tyne Region

A new £4 million fund has been launched in the North of Tyne region to provide a boost to socially trading organisations. The fund, a collaboration between Big Issue Invest and Power to Change, aims to provide flexible finance and support to community businesses, social enterprises, and cooperatives in the area.

Within the North of Tyne region, there are approximately 3,500 socially trading organisations offering commercial services that directly benefit society. North of Tyne Mayor, Jamie Driscoll, highlighted the necessity for more socially trading organisations with robust business plans tailored to their communities. He emphasized that the fund has been designed to offer practical support to these organizations and has been developed in consultation with the beneficiaries.

Named the ‘finance for good’ fund, it is specifically crafted to be flexible and adaptable for a diverse range of purposes. Its primary goal is to assist socially trading organizations in the region to expand their reach and increase their positive impact. Furthermore, the fund aims to address the common struggle of small businesses, social enterprises, and cooperatives in accessing necessary funds for growth and sustainability. Rather than relying on commercial banks or hedge funds, these organizations can now benefit from a locally-based and recycled funding source, which in turn will support more local businesses and create job opportunities in the North East.

To learn more about the fund and register interest, individuals can reach out via email to [email protected].

When commenting on this news, it is crucial to engage in discourse with respect and value for differing opinions. This is a privilege, not a right, and can be revoked if abused or misused. It is encouraged to report any comments that violate community rules to maintain platform integrity.

This new £4 million fund presents an opportunity for socially trading organizations in the North of Tyne region to access the financial support and guidance needed to further their positive impact on society. With collaborative efforts from Big Issue Invest, Power to Change, and local authorities, the fund is expected to significantly boost community businesses, social enterprises, and cooperatives in the region, aligning with the vision of driving economic growth and creating more job opportunities in the North East.