The philanthropic Rank Foundation is to invest £1.6m into Plymouth social enterprises with much of it supporting those tackling loneliness and social isolation.
The organisation has already ploughed £2.6m into 35 social enterprises since October 2018 and is now launching a second phase of investment which will stretch to 2024.
The new funding package will be split up for various projects, such as £200,000 made available as repayable loans, and £1m ring-fenced for projects to tackle loneliness and social isolation in the city. This could go to projects run by the social enterprises supported in phase one, with bids being accepted from now.
Read More Related Articles Plymouth’s £7.6m immersive dome to stage global Fulldome tech event Read More Related Articles Start up scheme to help unemployed become social entrepreneursMeanwhile, a new cohort of start-ups will be supported via the Dartington-based School for Social Entrepreneurs, and the Time to Shine internship programme, which has already helped 30 young people with nearly all of them moving into full-time work at the social-purpose businesses where they were placed, will be continued and is already open for applications.
Phil Davies, Rank’s Plymouth associate director, said phase one had been a “huge success” and said independent research revealed it had a tangible positive effect on the city and its economy and said: “Now everyone is looking forward to the next three years.”
The second phase of the Rank Foundation’s mission in Plymouth was revealed at a launch event attended by dozens of business leaders and entrepreneurs at Devonport’s newly opened £7.6m Market Hall tech hub and home to Europe’s first immersive video dome.
David Sanderson, Rank Foundation chief executive, said the investment in Plymouth had “made a significant difference” to the city and added: “It’s now about seeing what opportunities we can build on for the future.”
Caroline Broadhurst, deputy chief executive, said decisions on where the investment will be made will be taken in Plymouth and Mr Davies has begun setting up an advisory panel.
She said: “We are looking at sharing resources and different ways of grant making. We will have a big participatory grant-making programme.”
Joey Newton, chair of the Rank Foundation’s trustees and Lord Rank’s grandson, said: “The team has enjoyed working with you and coming up with innovative ideas to make this possible.”
The Rank Foundation was formed in 1953 by J Arthur Rank, one of the most influential figures in the British film industry. Lord and Lady Rank made a decision to channel the proceeds from their controlling shareholding in the Rank Organisation towards charitable and Christian purposes. It later created place-based Engaged Philanthropy models, beginning them in Hull and Dundee and adding Plymouth in 2018.
Luke Pollard, Labour MP for Sutton and Devonport, said Plymouth had proven attractive to the Rank Foundation because of its track record for creating successful social enterprises.
He said: “They took a punt on us and that investment has paid off. We have a bright future ahead of us. We are a city on the up and have to be confident and bold.”
Cllr Nick Kelly, leader of Conservative-controlled Plymouth City Council, said he was excited to have a further three years of Rank Foundation support in the city and said it fitted with the city’s support for small businesses.
He said: “Small business start-ups are a part of our job creation plans. We want to encourage small business start-ups, including social enterprises, they are key for the development of our economy.”
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Some of the businesses that have been helped by the Rank Foundation provided exhibits at the phase two launch event, including Bikespace CIC, Borrow Don’t Buy, Four Greens Community Trust, Nudge Community Builders, Memory Matters, Trevi House, Street Factory and Hope Foundation
Among other businesses already funded by the Rank Foundation are City of Plymouth Credit Union, Co-Cars, Community Photographic Studios CIC, Devon and Cornwall Furniture Reuse Project Ltd, Diversity Business Incubator, Eldertree Befriending, Fotonow CIC, Greenhook Fishing, Iridescent Ideas, Makers HQ, No Whey!, Our Plymouth, Plymouth and Devon Race Equality Council, Plymouth Argyle Community Trust, Plymouth Credit Union, Plymouth Lighthouse Project, Plymouth Scrap Store, Pollenize CIC, Real Ideas Organisation, Routeways, School for Social Entrepreneurs (SSE), Stiltskin Arts & Theatre CIC, Strategy Media Ltd (The Stonehouse Voice),, Take A Part CIC, The Data Place, The Island Trust Limited, and Transforming Plymouth Together.
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