Growth Impact Fund

The Growth Impact Fund provides flexible, impact-led investment to support diverse led, social purpose organisations as they strengthen their operations, grow their reach, and deepen the impact of their work.

What is the Growth Impact Fund?

The Growth Impact Fund is an impact fund that Big Issue Invest delivers in partnership with UnLtd designed to support social purpose entrepreneurs to grow their impact and income. It focuses on organisations tackling inequity that have diverse representation at board and leadership level. 

The fund provides investment from £200,000 to £1.5 million to organisations that already have trading income and a track record of delivering social impact but need capital that reflects the realities of the next stage of growth. That includes the need for flexibility, patience and alignment with the mission.

The fund is not designed as early-stage support or an accelerator programme. Instead, it focuses on organisations, working in the following sectors, that are beyond initial set-up and are navigating the more complex challenges that come with growth:

• Consumer business
• Education and learning
• Employment and training
• Health and social care
• Tech for good

Our approach is impact-led rather than product-led. We focus on understanding how organisations operate and what they need, rather than applying a one-size-fits-all model.

Why the Growth Impact Fund exists

Growth brings opportunity but it also brings pressure. As organisations expand services, reach more people or build a stronger infrastructure, the demands on leadership, finances and governance often increase.

Many growth-stage social enterprises sit between traditional funding routes. Grant funding may no longer meet their needs, while mainstream finance may not reflect their purpose or income patterns.

The Growth Impact Fund exists to address that gap for organisations led by people with lived experience tackling inequity. It provides patient, long-term investment that supports organisations to grow without losing sight of their mission or overstretching their resources.

The focus is not rapid expansion, but growth that is resilient, realistic and aligned with long-term impact.

Who the Growth Impact Fund is designed to support

The Growth Impact Fund’s equity and revenue-participation investments support organisations where at least 50% of the board and Senior Leadership Team are part of one or more of the following categories:

• From a minoritised ethnic background
• Disabled
• Women
• LGBTQIA+
• Lived experience of social inequality
• Experience of socio-economic disadvantage

For the Growth Impact Fund’s loan investments, we support organisations that demonstrate a clear commitment to improving equality, diversity and Inclusion.

Full eligibility criteria:

• Your organisation’s product or service directly supports an underserved community. We are unable to fund organisations that generate impact only by donating profits.
• Your organisation’s primary impact is within the UK (we can support UK deals with global expansion).
• Our minimum investment size is £200,000. As such, we require companies to have generated at least £200,000 in trading income (excluding grants) in their most recent financial year.
• We look for evidence of stable and predictable cash-flows.
• You’re legally registered in the UK as a Limited Company, Community Interest Company (CIC), Charity, or another eligible legal structure.
• You operate in one of the following sectors: Consumer business, Education and learning, Employment and training, Health and social care or Tech for good.

If you’re unsure that your organisation meets this criteria please contact us to find out more about the Growth Impact Fund or our other offerings. 

What type of investment does the Growth Impact Fund offer?

• Equity Investment – where capital is provided in exchange for a long-term ownership stake:
  • £200,000-£500,000
  • UnLtd & Big Issue Invest will take an average stake of 15-25% in a business.
• Revenue-participation –  a flexible form of repayable finance where repayments move in line with performance rather than fixed schedules:
  • £200,000 – £750,000 unsecured loan
  • On average, UnLtd & BII will take 5% of a business’s revenue over an 8 year period.
• Loan – where regular repayments are set at an agreed interest rate over several years.
  • £500,000 – £1,500,000
  • Interest rates typically range from 8% to 12%, depending on the risk profile, and the loan term can be between 3 and 7 years.

How to apply for the Growth Impact Fund

Our investment team will support you every step of the way. Here’s the process you need to follow:

1. Check your eligibility
2. Download your application questions
3. Create your pitch deck
4. Submit your application
5. An Investment Manager will review all your information and invite you to have an initial chat to learn more.
6. If your organisation is ready for investment, someone from our investment team will create a one-pager setting out the investment proposal with your support.
7. The proposal is then reviewed by our Investment Advisory Committee.
8. If progressed, we will work with you on a more detailed proposal, diving deeper into your financial sustainability and social impact. This is then reviewed again by our Investment Advisory Committee.
9. If successful, we can then discuss legal agreements and administer the funds.

How the Growth Impact Fund fits within our wider offer

The Growth Impact Fund sits alongside Big Issue Invest’s wider range of funds, loans and support programmes.

Some organisations engage with us through smaller loan finance or earlier forms of support before considering longer-term financing options – like that provided by the Growth Impact Fund. The fund also offers more of a focus on organisations led by a person with lived experience and looking to improve diversity, equity and inclusion.

There is no single pathway. The Growth Impact Fund is part of a broader approach designed to support organisations at different stages, with different needs, over time.

FAQs

What is the Growth Impact Fund?
It is an impact fund delivered by Big Issue Invest, providing long-term, patient investment to support growth-stage social purpose organisations.

Who is the Growth Impact Fund designed for?
The fund supports organisations tackling inequity and led by people with lived experience that are already trading, delivering impact and seeking investment to grow sustainably.

How does this fund differ from other Big Issue Invest funds?
Each fund is designed to support organisations at different stages. The Growth Impact Fund focuses specifically on long-term growth and sustainability rather than early-stage development. It provides a range of investment options that focus on diversity, equity, and inclusion.

What type of support does the fund provide?
The fund provides impact-led, patient investment shaped around each organisation’s context with a focus on sustainability and long-term impact. We offer dedicated Investment and Portfolio Managers throughout the life of your investment.

How can organisations learn more about the Growth Impact Fund?
Organisations can explore the fund by arranging a conversation with a Big Issue Invest investment manager or by visiting the Growth Impact Fund website directly.