Big names have come on board as backers of a new £25m fund to help people from marginalised backgrounds become entrepreneurs.
The news comes after a major report found social investment in the UK has major issues with race.
“Social investment continues to have a serious problem with inclusion and equity particularly, although not exclusively, in relation to race,” found a report led by Lord Victor Adebowale.
Now Bank of America and Access (the Foundation for Social Investment) have joined the Growth Impact Fund, a potential £25m pot being created by Big Issue Invest, UnLtd, and Shift in a bid to reverse that trend.
The fund has been in the works for the past 18 months, with social entrepreneurs from diverse genders, ethnicities, disability and age working together ahead of its launch later in 2022.
“The Adebowale report highlighted that the social investment sector has not done enough to prioritise the needs of social enterprises, and in particular that it has serious problems with race. This fund was created to address that,” said Mathu Jeyaloganathan, head of investment at UnLtd.