A new digital service will provide support for third sector organisations considering whether to take on loan finance
A new website that aims to help charities and social enterprise understand social finance has launched under the name Good Finance.
The new site addresses a commonly identified problem from organisations – that social investment is often confusing and complex to understand, with there being too little information available about how and where to access it.
The website contains up-to-date content and case studies, a tool to help users assess if social investment is right for them and the first ever directory of social investors and advisers.
The features are a result of extensive research and user-focused design workshops with a wide range of charities and social enterprises across the UK.
Kieran Whiteside, project manager for Good Finance said: “While the social investment market has continued to grow, charities and social enterprises have often struggled to navigate this challenging and complex world.
“Our hope is that this new website will help charities and social enterprises feel empowered to make informed and educated investment decisions that are right for them.”
Nick Temple, deputy chief executive of Social Enterprise UK, one of the organisations backing the site, said: “SEUK knows from its members that access to appropriate finance is one of the biggest barriers and enablers for social enterprise.
“We also know that the social investment landscape can sometimes feel fragmented, difficult to understand and difficult to access. That's why we are delighted to be involved in Good Finance which has been designed with the users at its heart - and is also a genuine collaboration between key organisations."
Sarah Wren, chief executive of Hertfordshire Independent Living Service, took part in the user-design workshops.
She said: “A few years ago we sought social investment to support a period of rapid expansion and growth. At that time it was really difficult to get sound advice about the range of options, and over the intervening years, the range of financial products and options has grown and become increasingly difficult to negotiate.
“We were delighted to help support Good Finance with a user-design project to create clear, simple resources and tools to help social businesses and charities find funding which works for them.”
The Good Finance website and project is funded by Big Society Capital, Access, and the Department for Culture, Media and Sport, with support from key sector partners including NCVO, Social Enterprise UK, Locality, the creative agency Matter & Co, and the social investment organisation Flip Finance.
