NEWS: Hollywell Housing Trust become first Reach Fund grant recipient to secure investment
Hollywell Housing Trust, a charity and social enterprise set up to offer bespoke housing services for vulnerable people in Devon & Cornwall, has become the first organisation to receive investment as a result of a Reach Fund grant.
They received a £90,000 loan from the Health & Wellbeing Challenge Fund (South West) after a £4,500 Reach Fund grant helped Hollywell to design, build and develop their financial model.
Hollywell provides an vital service to vulnerable people by providing a tenancy and housing support service and the investment will allow them to expand their operations, reduce their waiting list and reach new areas across Devon & Cornwall.
Katie Sherjan, CEO, Hollywell Housing Trust, said:
“The grant from Reach enabled Hollywell to put together a robust, long term financial plan which was not only an invaluable tool to support our investment funding application for the Health & Wellbeing Challenge Fund, but also an essential part of our planning for future growth.”
The Reach Fund, launched in October 2016, offers grants to charities and social enterprises to help them raise investment. The programme is funded by Access – The Foundation for Social Investment and managed by Social Investment Business.
Deborah Smart, Head of Programmes (Grants), Social Investment Business said:
“The Reach Fund was designed to support organisations who needed targeted and specific support in order to get investment. It was clear that without the Reach Fund grant the investment wouldn’t have been possible, so we’re delighted that Hollywell has been able to secure the investment they needed to expand what they do.”
The deal was also the first investment from the £5m Health & Wellbeing Challenge Fund (South West). The fund is managed by national social investment company Resonance and is backed by South West Academic Health Science Network and the Access Growth Fund.
Tom Crook, Investment Analyst, Resonance, explains how the Reach Fund helped:
“Whilst taking Hollywell through our investment process, it became apparent that a robust financial forecast model was needed for us to make an investment decision. This is where the Reach Fund played a vital part. By providing a grant to Hollywell to develop its financial model, it gave the Health and Wellbeing Challenge Fund the confidence to proceed with investment”.