Big Issue Invest (BII) is making one of its biggest investments to date to help Scotland’s first social enterprise letting agency make affordable housing more accessible in Glasgow.
The social investment arm of The Big Issue Group is investing £3 million from the Big Issue Invest Social Enterprise Fund II to help Homes for Good (HFG) raise £20m for the management of 1,000 homes and helping other organisations replicate the model across the UK.
HFG provides letting agency services to landlords and flexible tenancy support for the people who live in its 500 homes. The organisation has also refurbished almost 250 dilapidated properties since 2014 before letting them out to people in housing need or to partner organisations supporting people who require intensive support.
Big Issue Changemaker and executive director for Homes for Good Social Business Group, Dr Susan Aktemel said: “This significant deal clearly shows that it is entirely possible to make strong financial returns from social investment whilst putting money to good use to change people’s lives for the better.
“I am really delighted to see BII, a perfect partner for us, become a shareholder and join the Homes for Good family. This has created a strong foundation for our future growth, and paves the way for further investment, as we embark on a £20 million raise in the coming years to deliver our vision of creating high-quality, affordable homes for those who may otherwise struggle to access them.”
BII has continued to invest throughout the Covid-19 to support social enterprises at a time when the need is greatest. Leaders at the social investment organisation said they are excited for both future collaboration opportunities with HFG and, in particular, the groundwork this lays for future funds being developed.
