OIEP hosts workshop - 'Do we need a local fund for social businesses?'

In an effort to support socially trading organisations in Oxfordshire, the OIEP hosted an event on Wednesday 17 July 2024 to explore the potential for establishing a local fund dedicated to social businesses. Hosted at the Old Fire Station in Oxford, the event brought together key stakeholders, social entrepreneurs, and community leaders to discuss the financing challenges faced by early-stage and growing social businesses and how a local funding model could bridge this gap.

Start-up social businesses are often under-capitalised, and existing smaller-scale finance options are limited both locally and nationally. This lack of accessible financial resources has prompted innovative regional solutions, like Liverpool’s Kindred Fund, who were invited to the event to share their experiences. Over the last few years, the Kindred Fund has provided £2 million in loans to 44 socially trading organisations, demonstrating the power of cross-sector collaboration in unlocking sustainable finance.

Andrew Beattie, Engagement and Impact Lead at Kindred Fund, demonstrated how Kindred's model was able to flourish through partnerships with institutional stakeholders and community organisations. He explained how their approach focused on supporting local businesses that operate with a social or environmental mission, and how such a model could potentially be replicated in Oxfordshire.

Alice Hemming of Co-operative Futures introduced the feasibility study commissioned by Oxford City Council, which examines the need for a similar fund in the region. She shared evidence demonstrating the demand for more accessible finance in the local social economy and how a potential Oxfordshire fund could work.

The event, organised by Co-operative Futures, CAG Oxfordshire, OSEP, and Aspire, was part of a broader feasibility study into the creation of a local fund for socially trading businesses in Oxfordshire. The study seeks to identify the most viable models to ensure local businesses have access to finance that is supportive of their social and environmental missions.

Participants were given the opportunity to provide input during the consultation and engage in a dialogue about the needs of the local economy. The event is part the Oxfordshire Inclusive Economy Partnership's work to support a more inclusive and sustainable economy in the county.

Refreshments were provided by local social enterprise Damascus Rose Kitchen, and the event was well-attended by members of the local community, including representatives from the social business sector.

This initiative aims to build momentum towards establishing a local fund that could serve as a lifeline for social enterprises and potentially spark similar models across the region.

You can find Kindred Fund's presentation here, and the presentation from Co-operative Futures here.