Northern Rock Foundation

Charities and voluntary organisations throughout the North East and Cumbria could enjoy a £50,000 investment thanks to the Northern Rock Foundation.

The Foundation has joined forces with Newcastle-based venture capital firm Northstar Ventures to launch round two of its Fresh Ideas Fund and has £500,000 to invest in community projects across the region.

Now, it is urging organisations, which need financial support to help them explore new opportunities, enable them to grow in size, increase their impact and improve their long-term sustainability, to apply to the Fresh Ideas Fund. The Fund will provide successful applicants with up to £50,000 to fund a feasibility study, apply for expert, specialist advice and cover start-up costs. A mentor from Northstar Ventures will also be on hand at each step of the way with expert advice and support.

To be successful, a Fresh Ideas application needs to be for a project in Northern Rock Foundation’s core areas of interest and to look at new and innovative ways of generating income or offering a new service.

Successful applicants from the first round of grants included Durham company Tin Arts, who deliver a wide range of arts and cultural programmes including dance activities for young people and adults with learning  disabilities; Reap and Sow Ltd which is looking at a project test marketing a social enterprise that reduces re-offending by providing work opportunities for offenders and DAWN, a successful social enterprise in Northumberland which is hoping to roll out a low cost, high quality law practice in the town.

Richard Walton, Programme Manager for Northern Rock Foundation, said: “The key objective is to support leaders and enable them to develop new ideas. Whether it be to develop a new social enterprise, bid for a new contract in a new area, develop and market a new training programme, build a partnership with a new charity or completely remodel an existing service – the Fresh Ideas Fund will enable organisations to take those ideas to the next stage.”

Dr Michelle Cooper, Investment Manager at Northstar Ventures, said: “In this rapidly changing environment charitable organisations need to be innovative in order to flourish.”

Charities, voluntary organisations and social enterprises wanting to apply to the Fresh Ideas Fund can do so via the Northern Rock Foundation’s website at www.nr-foundation.org.uk. The deadline for expressions of interest is June 29, 2012.

For further information, or to arrange pictures or interviews, please contact HFPR Ltd on 0191 285 7100.