10 November 2016
An innovative social investment initiative funded by Legal & General and managed by CAF Venturesome has announced its support for six social enterprises in Wales.
The Social Enterprise Assist Fund (SE-Assist) offers interest free loans ranging from £10,000 to £30,000, business mentoring and expert advisory services to successful applicants. It was created in partnership with the Welsh Government, Wales Co-Operative Centre, Business in the Community Wales and the Institute of Directors Wales.
Following a record number of applications and a rigorous due diligence process offers of support were made to six social businesses across Wales:
Holger Westphely, Senior Investment Manager, CAF Venturesome, said:
- Antur 'Stiniog promotes local tourism through a downhill mountain bike and tourist information centre based in Blaenau Ffestiniog.
- Book Of You trains nursing home carers in Denbigshire on how to use a web app to deliver multimedia reminiscence therapy.
- Canolfan Beaumaris is a leisure centre providing sports, health and community services to the residents of Anglesey.
- Elite Supported Employment Agency provides training and employment to disabled people through a document storage, scanning and recycling business in Merthyr Tydfil.
- The Llanhilleth Miners Institute near Abertillery is a listed building and a centre for community engagement.
- The Wales Restorative Approaches Partnership, based in Cardiff, promotes the use of restorative approaches in dealing with human conflict.
“CAF Venturesome is delighted to be partnering with Legal & General and supporting these six fantastic social businesses based in Wales. Finance, particularly interest free finance, is difficult to come by for charities and social enterprises. CAF Venturesome, partnering with L&G, is pleased to be able to offer this as part of our assistance as well as dedicated mentors who will provide invaluable support to help these organisations succeed.”
Graham Precey, Head of Corporate Social Responsibility, Legal & General said:
“We are delighted that the Legal & General SE-Assist fund has been such a success and as a result is now able to offer support to a number of local and varied enterprises across Wales. We are very excited to be involved in their development and help them progress.”
Notes to Editors
- The Charities Aid Foundation (CAF) is one of the largest charitable foundations in Europe and amongst the largest providers of philanthropic products and services to charities, donors and companies worldwide.
- CAF Venturesome – the social investment arm of the Charities Aid Foundation (CAF) – was one of the first social investment funds to be set up in the UK. Since 2002 it has supported over 500 charities, social enterprises, and community groups with over £40m of affordable, flexible finance. It provides financial assistance to organisations, which may otherwise struggle to access grants or bank loans. For further information please visit: https://www.cafonline.org/charity-finance--fundraising/borrowing/social-investment
- Established in 1836 Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £12.7 billion (as at 19 September 2016) and is responsible for investing £841.5 billion worldwide (as at 30 June 2016) on behalf of investors, policyholders and shareholders. Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans. For further information please visit: http://www.legalandgeneralgroup.com/
For further information please contact:
Alyson Bowcott (PR Manager, L&G) - 07764 582 574
Dan Slipper (Media Relations, CAF) - 0300 123 271