The Work People is the first social enterprise in the UK to benefit from the newly-created Community Impact Partnership (CIP) fund.
Based in Hastings in East Sussex, The Work People will benefit from £107,000 to take its business to the next stage of its development.
David Hinton, Founder and Managing Director, said: “Our mission is for everyone to have good working lives. We work with businesses to find great people for great jobs while putting our profits and expertise back into the community to help everyone live and work better.
“We started in April 2013 and our services have proved very successful – last year we helped 1,600 candidates with careers advice and over 400 people complete pre-employment training. We now want to take our plans onto the next level which we can do thanks to the Community Impact Partnership funding we have just received.”
The fund – broken down into a blended investment of a £69,500 loan and a £37,500 grant – will provide The Work People with much needed capital to support its ongoing growth and development, particularly in the areas of management capacity, digital and data analytics.
The CIP is a new funding initiative set up by four of the UK’s leading housing organisations – Clarion Housing Group, L&Q, Orbit and the Peabody Group – who have joined forces to offer unsecured loans of between £25,000 and £150,000 to social enterprises and charitable organisations.
It is the first joint venture of its kind in the UK housing sector and is launching its first £3m social investment fund which will boost communities and support local regeneration. This first £3m fund is supported by the Growth Fund which is managed by Access – the Foundation for Social Investment with funding from the Big Lottery Fund and Big Society Capital. The blended investment funding combines loans and grants. Interest for the loans is set at 7% and successful applicants will also benefit from advice and support services from the CIP members.
Penny Hembrow, Chair of the Community Impact Partnership, explained: “Seeing this first fund come to life with the announcement of The Work People is really exciting and I am delighted that this fund will make such a positive impact from the onset.
“The funding here will continue to help so many more people in Hastings secure training and find employment through services which they would not otherwise have had access to.”