Jericho Foundation secures £100k SITR investment

Birmingham’s leading Social Enterprise is the first investment from the £1.25m Resonance West Midlands SITR Fund



The Jericho Foundation has secured £100,000 of SITR investment through Resonance, which will support the expansion of Jericho’s ReUsers centre in Sutton Coldfield.

The objective of Resonance is to work with social enterprises that demonstrate ‘high impact’ and lasting transformational change, connecting them with investors who care about the same issues.

The investment has allowed Jericho to secure a third building at the existing site, to allow for an operational expansion of 25% over a 12 month period. The investment also provides the opportunity to create 6 new positions for Apprentices and additional volunteers, and allow Jericho to support individuals with significant barriers to employment, training or social inclusion.

Highlighting the social impact of Jericho in providing marginalised individuals with employment opportunities, Grace England, Investment Manager at Resonance said:

“I am delighted that Jericho is receiving the first investment from our new regional SITR Fund. It has been leading the way in supporting vulnerable people here in Birmingham for many years now, and we’re really excited to support it to do more of what it does best. Jericho’s social mission is aligned with that of the Fund, as we know that barriers to training and employment continue to be significant contributors to the poverty and disadvantage that persists in our region.”

Richard Beard, Chief Executive of the Jericho Foundation, stated:

“This is our second experience of SITR investment and both times it has given us access to vital funding that can be paid back at a much smaller rate of interest than we have been able to access previously,” explained Richard, who has been at Jericho Foundation for fourteen years.

Beard continued: “The investment from the Resonance Fund will increase our footprint at ReUsers by 25%. This means we should be able to grow the business and build on the fact that we have so far saved 650 tonnes of unwanted items going to landfill and supported 70 people with apprenticeships or voluntary positions – this simply would not be possible without SITR.”

“It represents a significant growth in our impact and it’s great to work with investors that are so aligned with our social mission.”

Given the limited knowledge of SITR and its possibilities among investors, Big Society Capital has launched a campaign which is meant to raise awareness of what it is and how to access it.

Melanie Mills of Social Sector Engagement at Big Society Capital says:

“SITR is really an undiscovered opportunity for the third sector and the aim of our campaign is to get people talking about it and then starting to use it as the most cost effective way of raising finance. It is proving increasingly popular with high net worth individuals and sophisticated retail investors, who are attracted to the significant tax break and a number of other advantages around Capital Gains Tax.”

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