Backing Our Bristol (BoB): Local Finance, Local Impact
Brief Description of the Idea:
An innovative idea for a new type of local investment fund dedicated to supporting economic growth and the wellbeing of the city and its citizens.
We want to enable institutions and citizens from across Bristol’s diverse communities to become increasingly active stakeholders in the city’s economy, as potential investors, customers or as project leaders in receipt of BoB investment, so that Bristol continues to be vibrant, successful and resilient and that our learning can potentially be replicated elsewhere.
To deliver this vision BoB is developing a portfolio of financially sustainable projects that offer social, economic and environmental benefits to Bristol, and a secure financial and social return to local investors. The four priority areas we are focusing on are:
- Building more homes, including affordable homes
- Reducing carbon emissions
- Encouraging cultural provision and diversity
- Tackling poverty
Why the contribution is important
Why is the idea needed:
This idea is needed because socially beneficial local projects are finding it difficult to obtain funding because they do not have the right scale or technical support to attract match funding through national investors. In addition, this idea would enable local people to have a genuine stake in their city and collectively support key projects that enable a wider benefit.
How will the idea be funded:
The idea requires a small, locally led and dedicated team to make things happen on a not for profit basis, this is currently called ‘Backing Our Bristol’ (BoB). Once seed corn funding is raised for BoB, our plan is that BoB should be financially sustainable in the long term.
This team would be funded by fee income that it generates from the projects that it supports. Any excess in fee income over costs would be re-invested into locally led projects.
However in the beginning additional funding support would be sought until the project becomes fully sustainable.
by user795850 on December 14, 2013 at 12:40PM