Big Society Investment Fund (BSIF) has announced a £1million investment into FranchisingWorks. The investment is into the Licence fund, and will be used to invest in franchise licences, helping unemployed people without sufficient financial resources to start their own businesses. Not only will this investment generate a significant social return by creating new jobs, it also aims to generate a positive financial return including the full return to BSIF of the capital invested.
Big Society Investment Fund is the precursor to Big Society Capital, the UK’s first social investment bank. While Big Society Capital is being set up, BSIF has been tasked with distributing money raised from dormant bank accounts, to realise early benefits and stimulate the social investment market.
Simon McNeill-Ritchie, Managing Director of FranchisingWorks said, ‘This is very welcome news for unemployed people and for franchisors. The investment will help create many new businesses and even more jobs in the months and years to come.’
Patrick Shine, Lead Partner at The Shaftesbury Partnership, has worked closely with Simon McNeill-Ritchie in developing the programme and engaging investors. He commented: “The launch of Big Society Capital will have a profound impact on the social investment market and the timing couldn’t be better with such high unemployment at the moment. We are delighted to be among the first few investees from the funds made available from unclaimed deposits. Not only will this investment help turn job seekers into job creators through FranchisingWorks, but we hope it will stimulate new models of social investment. In these tough times they may well be the game-changer we need.”