St Mungo’s and Changing Lives, charities that provide specialist support services for homeless and vulnerable people across the UK, are the first organisations to receive investment from Big Issue Invest’s Outcomes Investment Fund.
The Barclays Bank-supported fund makes investments into charities and social enterprises delivering payment by results contracts, where some or all of the contract payments are dependent on achieving social outcomes set by the public sector commissioner. Big Issue Invest (BII) is the social investment arm of The Big Issue, and set up the fund last year.
The backing of Big Issue Invest is crucial in exploring innovative options to help people at a very low point in their lives
“We are delighted to partner with St Mungo’s and Changing Lives” said Katy Pillai, Investment Director at Big Issue Invest. “They are both outstanding organisations with an excellent track record and commitment to improving lives. With our organisations’ shared social mission and values, we look forward to developing these partnerships further.”
Changing Lives works with people affected by multiple social exclusion by reaching out into communities across the country and helps people to make positive, lasting changes in their lives.
The organisation offers specialist support services for women and families, dedicated recovery centres, temporary and long-term accommodation solutions, and employment and volunteering opportunities. The Big Issue Invest loan of £400,000 will fund Changing Lives to support 150 homeless people in Newcastle and Gateshead.
“We have been offering services to homeless people in Tyneside for over 40 years, and we are always striving to innovate the services that we provide,” said Stephen Bell OBE, Chief Executive of Changing Lives.