News / homelessness
Fund to help 125 rough sleepers off Bristol’s streets
Huddled in doorways, camped on verges and struggling to survive – the number of people forced to sleep rough in Bristol continues to rise.
It is a national concern that is reaching crisis point in the city, where one in every 170 residents is homeless, according to a recent report published by Shelter.
Social impact investment company Resonance is aiming to tackle this major social issue that the Government is failing to adequately address and has invested £112,500 to help 125 rough sleepers in desperate need turn their lives around.
is needed now More than ever
The initiative aims to help people off the streets by providing the accommodation and tailored support they need
The funds have gone to Social Impact Bristol Ltd, a consortium set up by St Mungo’s, Second Step and Bristol Drugs Project that is commissioned by Bristol City Council.
The aim is to support 125 people over three and a half years, through providing accommodation and vital support services, tailored to each individual’s needs.
Katalin Juhasz, investment manager at Resonance, said: “We are very excited to be supporting Social Impact Bristol Ltd, enabling them to provide a new and innovative support for people sleeping rough, some with the most complex of needs.
“With all our investments we are helping to tackle major social issues. Rough sleeping is one such issue, which has been, unfortunately, growing in the city over recent years.
“We believe that the consortium of these three charities working together, with their excellent track record of success, will bring about help and positive change to those that are living on Bristol’s streets.”
There are any number of reasons that someone might end up on the streets, from relationship breakdown, poor mental health, eviction or job loss, to lack of affordable and social housing, and changes to national welfare benefits.
Marvin Rees has praised the combined efforts of the private, public and voluntary sectors
Welcoming the investment, mayor Marvin Rees said: “Despite all the hard work of people across the city, the number of people sleeping rough on the streets of Bristol continues to rise.
“This investment from Resonance, enables us to bring together public, private and voluntary sectors to help those that are in desperate need of accommodation and support.”
This is the seventh investment from the Resonance Bristol SITR Fund, a pioneering social investment fund, which aims to help dismantle poverty in the region through investing into high impact social enterprises.
The fund continues to raise investment from private individuals, who want to back social enterprises and get the benefits of the recently-introduced Social Investment Tax Relief (SITR).
This latest investment was combined with additional investments from CAF Venturesome and equity from the three charities to make a total investment of £273,000 into a social impact bond, with an overall contract value of £1.25m.
The contract is backed by Bristol City Council and pays out if certain social impact goals for the rough sleepers in the cohort are achieved.
Read more: Steep rise in the number of people sleeping rough in Bristol
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