A NEW £1m social investment fund for the West Midlands was unveiled at the biggest social finance fair outside London.

More than 140 delegates at the Social Enterprise West Midlands event heard how the ‘Key Fund’ is expanding into the region for the first time and is now looking to provide a crucial finance offer for social organisations in Worcestershire that have been turned away from conventional funders.

Chief executive Sam Tarff said: "This is a very exciting move for us, as the West Midlands has always been among the forerunners for social enterprise and we’re delighted to be able to bring our innovative finance offer to the region. We can support a range of activities, from restoring a derelict building to buying vital equipment or meeting start-up costs, not to mention offering immediate solutions to cash flow problems. All we ask is that you share our values. Just as we reinvest our profits back into helping social business, we expect beneficiaries of our finance to have a positive social or environmental impact at the heart of their operations.”

Supporting the initiative was Richard Nicol of Midlands Together CIC in Worcester, a new venture that refurbishes empty homes to create job opportunities for people facing barriers to employment.

“Social enterprises have always found it difficult to access finance that mainstream companies can secure and this has restricted our growth," Mr Nichol explained. "We welcome the announcement that the Key Fund is extending its presence into Worcestershire and that £1m of innovative finance is available to help organisations in our sector expand and deliver essential services to local communities. They clearly understand the type of support we need and this – along with other initiatives such as Big Society Capital and Social Business investment – should help the sector reach its undoubted potential.”

SEWM’s Social Finance Fair, which was held at The Enterprise Foundation in Birmingham’s Cobalt Square, hosted a major exhibition of more than 15 finance providers and a Social Food Fair offering anything from macaroons and vegan pastries to hand baked bread.