Published: March 20, 2024
Access has enabled more than £100m worth of flexible and patient investment to reach charities and social enterprises across England.
More than 2,400 charities and social enterprises have been able to deliver impact in their communities thanks to a foundation established by the Government, Big Society Capital and The National Lottery Community Fund.
Unity Trust Bank customer, Access, was formed in 2015 in response to challenges faced by social enterprises and charities looking to access the finance they needed to sustain or grow their impact.
By strengthening and innovating the social investment market, Access has worked closely with investees. They aim to ensure those in need – especially in underserved places and communities – were getting tailored support.
Chloe Stables is the Director of Partnerships and Advocacy at Access. She said: “Access was set up with a clear remit – to ‘disrupt’ the existing social investment market and widen its reach into places and communities that were previously excluded. Too often it’s those organisations that focus on the most underserved places and communities who are missing out on what they need if they’re to sustain and grow the vital work they do.
“It was felt there was a need for something different. This means offering the kind of finance that charities and social enterprises need. These are specifically smaller scale, higher risk, flexible and affordable loans. Access specialises in blended finance, bringing together grant funding and repayable capital.
“We’ve been focussed on establishing blended finance as a tool to support underserved communities. We also support organisations that want to develop their enterprise arm. They want to make sure they’re more resilient, more sustainable and that they’re able to grow their impact and make more of a difference to communities on the ground.”
Recent programmes launched by Access also seek to support organisations helping those struggling with the cost-of-living crisis. It also supports charities and social enterprises to address rising energy bills through energy efficiency measures.
Part of Access’s multi-million-pound funding comes from the Government’s Dormant Assets Scheme (DAS). It has enabled over £980 million to be put towards social and environmental initiatives across the UK since its initiation in 2011.1
Unity also works with Community Development Finance Institutions (CDFIs) which benefit from support from Access and the DAS.
Unity is part of the social investment ecosystem Access aims to strengthen.
As a bank, our customer deposits support organisations that make a positive difference to local communities. It aims to address social, economic or environmental needs.
Simon Cottee is the Director of Finance and Operations at Access – Foundation for Social Investment. He said: “We bank with Unity because as well as a way of getting a good return on our investment and knowing our money is safe. We’re fully supportive of the work that Unity is doing.”
“It’s part of Access’s total impact story that we want to place our deposits with organisations with the same aligned mission as ours. That’s why we only bank with social banks like Unity.
“Unity also engages with us in a really clear way which makes it very easy for us.”
1. Dormant Assets Scheme: statement of intent overview – GOV.UK (www.gov.uk)
