Partner Article

Charities to benefit from Northern Rock investment

Charities and voluntary organisations from across the North could be set to benefit from an investment of up to £50,000 thanks to the Northern Rock Foundation.

After joining forces with Newcastle-based venture capital firm Northstar Ventures, the Foundation is now preparing to launch the second round of its Fresh Ideas Fund, and has £500,000 to invest in community projects.

Richard Walton, Programme Manager for Northern Rock Foundation, said: “The key objective is to support leaders and enable them to develop new ideas.

“Whether it be to develop a new social enterprise, bid for a new contract in a new area, develop and market a new training programme, build a partnership with a new charity or completely remodel an existing service - the Fresh Ideas Fund will enable organisations to take those ideas to the next stage.”

Successful applications will focus on the Northern Rock Foundation’s key interest areas, looking at new and innovative ways of generating income or offering a new service. These organisations will then be given up to £50,000 to fund a feasibility study, apply for specialist advice and to cover start up costs.

They will also work closely with Northstar Venture mentors who will offer key advice and support.

Dr Michelle Cooper, Investment Manager at Northstar Ventures, said: “In this rapidly changing environment charitable organisations need to be innovative in order to flourish.”

Successful applicants from the first round of grants included Durham company Tin Arts, who deliver a wide range of arts and cultural programmes including dance activities for young people and adults with learning disabilities; Reap and Sow Ltd which is looking at a project test marketing a social enterprise that reduces re- offending by providing work opportunities for offenders and DAWN, a successful social enterprise in Northumberland which is hoping to roll out a low cost, high quality law practice in the town.

This was posted in Bdaily's Members' News section by Ruth Mitchell .