Sandwell Council of Voluntary Organisations - SCVO. Supporting the Growth of Community Action in Sandwell.

Entrepreneurially minded people working in health and social care with innovative ideas that could improve services, products and ways of working, can now apply for eight new types of investment to make their ideas a reality.  This exciting news has recently been announced by The Social Investment Business and the Department of Health.

These eight investment products will be available through the Department of Health’s Social Enterprise Investment Fund (SEIF). The fund was set up by the Department to provide investment to help new and growing social enterprises to deliver innovative health and social care services.

Sue Peters, Managing Director of Investments at The Social Investment Business said, “This new suite of investment products means that we can invest more money in businesses that make a real difference to people’s health and quality of life.”

Care Services Minister Phil Hope said:

“These new funds will help support health and social care staff to develop innovative ideas across the country. They are specially designed to help staff transform the care, support and treatment their patients receive. Healthcare professionals have a long history of providing creative services in a variety of settings so they are in an excellent position to take advantage of these new funds.”

The suite contains the following opportunities:

SEIF Growth Fund
The Growth Fund offers loans, grants and business support for social enterprises working in health and social care to use in making a step change in growth.  Money will go to existing organisations and could be used for working capital, buildings, staff or anything else that social enterprises need to grow.  The fund can also offer equity investments or performance based loans.  Investment packages are from £50,000 to £10,000,000.  Enquiries are welcome from all social enterprises, particularly those that are delivering the Department of Health’s Personalisation of Care agenda.

SEIF Innovation Fund
The Innovation Fund is for social enterprises with ideas for new or innovative health and social care products and services. Investment packages, which could be comprised of grants, loans, equity and business support investment, are to support the best innovative ideas to market and are available from £50,000-£10,000,000. Enquiries are welcome from all social enterprises, particularly those that are delivering the Department of Health’s Personalisation of Care agenda.

SEIF Personalisation Fund
This will support new or existing organisations that are developing services to manage individualised budgets under the personalisation of care agenda. Investment packages of loans, grants and business support could be used for working capital, development and capital expenditure. Priority in funding will be assigned to those groups who are testing new or alternative models for these brokerage services.

SEIF Right to Request Fund
The Right to Request Fund is to support people that want to deliver ‘spin out’ or alternative provision of NHS services through a social enterprise.  The NHS is committed to supporting the great ideas that current employees have and have a process in place to take these plans forward. Investees will work with our partner, Partnerships UK (PUK), through the milestones set by the local Primary Care Trust (PCT) and loan grant and support investment will be staged according to the three milestones -  (1) Expression of interest – investees will be provided with business support; (2) Development and planning – Investees will receive grants of between £100,000 -£250,000. (3) Project execution – Full investment packages, which could consist of loan, grant and/or equity, will be provided, with a value of £50,000 – £10,000,000.

SEIF Collaboration Fund
The Collaboration Fund offers loans grant and business support for investees working in health and social care looking to develop through mergers, collaborations and strategic partnerships. Investment packages start at £50,000 and have an upper limit of £1,000,000.

SEIF Tender Fund
We know that many organisations need help with preparing successful tenders.  Low interest loans of up to £50,000 are available to support this work.  If organisations are very small with turnovers of under £250,000, grant support can be provided.

SEIF Outreach Fund
Grants of up to £30,000 are available to organisations looking for business development support to help develop new products and services for those who are socially or geographically excluded.

SEIF Emerging Enterprise Fund
The Emerging Enterprise Fund offers grants of up to £30,000 and is available to those organisations that have been operating for less than 12 months and have posted less than £20,000 in income.  Money is for the development of new products and services.

The Social Enterprise Investment Fund has helped 200 social enterprises by investing over £20 million since it was first launched in 2007.

Full details of all the investment packages along with the full eligibility criteria can be found at www.dh.gov.uk/SEIF or by calling 0191 269 2276.

For more information regarding The Social Investment Business contact Shaheena Sachedina or Catherine Bithell on Tel 020 7403 2230 or Email: shaheena@forster.co.uk / catherine@forster.co.uk