26/11/10
Twenty two proposals for products and services that could be offered by the Big Society Bank to support social entrepreneurs when it launches in April next year have been selected by NESTA to receive up to £10,000 each to complete a final stage of research and due diligence.
The project offers a major opportunity for the social finance sector and has generated a huge response - eighty nine proposals, seeking a total of £47million were submitted in response to the call for ideas at the beginning of November.
Proposals were assessed against core criteria: a simple but effective instrument of support, which could be quick to implement, which is scalable or replicable, requires the "missing ingredient" of Big Society Finance Fund support, which could demonstrate a distinct role for the Big Society Bank.
A long list of 30 proposals was prepared by NESTA's project team and reviewed by an external panel of social sector and financial market experts, chaired by Sir John Gieve, former Deputy Governor of the Bank of England, which selected 22 for further development. NESTA is committing £140,000 to develop these 22 proposals, whose combined potential funding requirements total £14 million.
The applications fell into eleven categories, divided between thematic categories (i.e. relating to a particular area of need) and market infrastructure. Of the total funds sought, 31% required equity investment, 24% loan finance or loan guarantee, 24% grant funding, with 21% not specifying the investment type required.
Full applications will be submitted by 7 January 2011, for final review by the Panel, with a number of investments to be announced during Q1 2011.
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For further information please contact:
Jan Singleton on 020 7438 2606/ jan.singleton@nesta.org.uk or Chani Hirsch on 020 7438 2601 or chani.hirsch@nesta.org.uk
About NESTA
NESTA is the UK's foremost independent expert on how innovation can solve some of the country's major economic and social challenges. Its work is enabled by an endowment, funded by the National Lottery, and it continues to operate at no cost to the taxpayer.
NESTA is a world leader in its field and carries out its work through a blend of experimental programmes, analytical research and investment in early-stage companies. www.nesta.org.uk
About UnLtd:
UnLtd is the leading provider of support to social entrepreneurs in the UK and offers the largest such network in the world. UnLtd resources over 1,000 individuals each year through its core Awards programme.
UnLtd operates a unique model by investing directly in individuals and offering a complete package of resources; from awards of funding between £500 and £15,000 to ongoing advice, networking and practical support.
UnLtd supports individuals who have their ventures firmly rooted in delivering positive social change. The Global Entrepreneurship Monitor (Harding and Harding 2008) found that there were 1.7m people leading social organisations in the UK, 238,000 trying to start one, and that 35% of all nascent (early stage) entrepreneurs were starting with social ventures.
For more information about the support offered by UnLtd, please visit: www.UnLtd.org.uk
Twitter: www.twitter.com/unltd
Facebook: www.facebook.com/unltd
T +44 (0)20 7438 2500
F +44 (0)20 7438 2501
Nesta Operating Company, a company limited by guarantee registered in England and Wales with company number 7706036 and charity number 1144091. Registered as a charity in Scotland number SC042833.
