First Regional Social Investment Fund to be in the North East

Northern Rock Foundation and Big Society Capital have announced their intention to create a £11.5m social investment fund for the North East of England to support the development and expansion of voluntary and community organisations and social enterprises. This will be the first regional fund of its kind to be set up with Big Society Capital support.

Big Society Capital has committed, in principle, to invest £4.5m initially in the fund and Northern Rock Foundation has committed, in principle, to invest £3m, subject to completion of negotiations. ASubject to completion of negotiations between Big Society Capital and Northern Rock Foundation, the Company will be set up early in the New Year and the Fund will be open for lending by mid- 2014.

Find out more here.