Growth Fund Evaluation Final Report 2025
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Introduction
This report sets out the findings from the evaluation of the Growth Fund programme. The programme aims to increase access to social investment for charities and social enterprises in England. The evaluation was carried out to understand how the programme supported organisations to access finance and grow their services.
Findings
The research found that the programme helped charities and social enterprises access social investment that would otherwise have been difficult to secure. Financial support and tailored investment products helped organisations manage risk and borrowing costs.
The findings show that the Growth Fund has:
strengthened financial resilience among participating VCSEs
enable organisations to increase their social impact in their communities
boosted appetite and demand for social investment among organisations that had not previously considered it an option
increased the supply of small, unsecured loans available to VCSEs, helping to fill a crucial gap in the social investment market
provided an effective blended finance model where combining grants with loans made investment more attractive and manageable for organisations. This also eased repayment pressures, supported core costs, and strengthened relationships with social investors
enabled new social investors to enter the market and reducing borrowing costs so that more VCSEs could access funding. It also gives investors the flexibility to help organisations navigate repayment challenges