• Sat. May 25th, 2024

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Community Foundation in leading role with North East Social Investment Company

The Community Foundation Tyne and Wear and Northumberland has taken over a leading role in an organisation established to help encourage social investment in the region.

The Community Foundation will now be responsible for a £3million investment in the North East Social Investment Company.

The investment transferred to the Community Foundation from Northern Rock Foundation before it closed last year.

The Community Foundation will now join Big Society Capital and Esmée Fairbairn Foundation as founding partners in NESIC and oversee its first fund, which was set up to provide an innovative, regional, strategic solution to developing the market for social investment in the North East and help reduce disadvantage and social need in communities.

Chief Executive of The Community Foundation, Rob Williamson, said: “We are delighted to take on this strategic role with NESIC and welcome the progress being made in this important area. Developing social investment expands the finance options available to voluntary organisations in North East England, alongside the continued important of grants where we already play a leading role.

“The North East Social Investment Fund which is run by Northstar on behalf of NESIC offers important opportunities to organisations with a social purpose in the region.”

Chairman of North East Social Investment Company, Andrew Mitchell, said: “NESIC provides an opportunity to create a major shift in the funding landscape of the voluntary, community and social enterprise sector in the region. The North East Social Investment Fund has a 20-year life and is a major part of the legacy which Northern Rock Foundation left to the region. I am delighted that The Community Foundation have taken on the role are now playing a key part in the development of the North East Social Investment Company.”

By Emily