Social impact fund Impact Ventures UK (IVUK) has earmarked GBP2 million for investment in a joint venture (JV) with Glasgow-based social enterprise Homes for Good (Scotland) CIC.
The JV will create a portfolio of newly refurbished properties dedicated for people in social housing need across the Greater Glasgow region.
Established by social entrepreneur Susan Aktemel in February 2013, Homes for Good is Scotland’s first lettings agency to specialise in supporting low-income tenants. IVUK’s investment will enable the company to develop the next phase of its strategy and become the first socially-focused landlord in the private rental space.
Aktemel says: “There were around 185,000 households on social housing waiting lists in Scotland last year. This chronic lack of social housing supply, combined with a reluctance from many private rented sector landlords and agencies to work with people on low incomes or benefits is a critical problem we want to address – this is why Homes for Good was created.”
Richard Brass, head of UK clients at Berenberg Private Banking and founder of Impact Ventures UK, says: “Homes for Good provides investors in IVUK with the opportunity to back an innovative and scalable business model, and an incredibly talented entrepreneur with a formidable track record and clarity of purpose. Susan, herself, also has 14 years’ experience as a private sector landlord and has first-hand knowledge of the challenges that landlords and social tenants face when trying to work with each other. Each company that IVUK backs demonstrates the opportunities for social investment, and also highlights entrepreneurs nationwide who are dedicated to creating and running businesses that have the potential to create measureable improvements in the lives of individuals in the UK.”