The Heart of the South West Local Enterprise Partnership (LEP) is carrying out a study to understand the potential for a future Social Impact Fund for the region.
The LEP has commissioned a scoping report into a potential Social Impact Fund for the area, which covers Devon, Somerset, Plymouth and Torbay. The study will be carried out in partnership with social impact consultancy AchieveGood, and will seek to establish what the fund could look like and how it would support inclusive growth in the area.
Business leaders in the LEP found that the area has a lower-than-average economic output, is facing challenges around low productivity, low wages, a lack of affordable housing and some of the most deprived in the UK.
They believe that a Social Impact Fund could help address these challenges through investments that delivery social and economic benefits.
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Local stakeholders are invited by the LEP to take part in a survey to build an image of how the fund could look. The closing date is July 17.
Karl Tucker, chair of the Heart of the South West LEP, said: "We are delighted to be working with AchieveGood to explore the potential for a social impact fund in our region. Inclusive growth is a key priority for us, and we believe that a Social Impact Fund could help to deliver important social and economic benefits that our communities need.”
Jack Scriven, associate director at AchieveGood, said: "We're delighted to partner with the Heart of the South West LEP to explore a social impact fund for the region. AchieveGood specialises in cross-sector collaborations and place-based initiatives that drive positive change. Together, we'll engage local stakeholders to explore how social impact investing can address key challenges and foster inclusive growth in the Heart of the South West. We're excited to hear your thoughts and insights on this important initiative."
Earlier this year the Heart of the South West Local Enterprise Partnership (LEP) said a regional skills gap in tech-driven sectors, such as data science, cyber and robotics, meant innovative companies in the area were “struggling” to fill roles, slowing down growth. It called on the government to provide more help with upskilling the region’s workforce and to commit “vital funding” to support firms during the current economic downturn.
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