We are delighted to announce our third SASH investment, a £3m loan to People, Potential, Possibilities (P3), a national charity and social enterprise operating across Buckinghamshire, Cambridgeshire Derbyshire, Gloucestershire, Lincolnshire, Warwickshire, and West Midlands delivering services for socially excluded and vulnerable people.
The £3m loan is provided from SASC’s new housing fund, Social and Sustainable Housing (SASH,) and it will enable P3 to grow its existing services, with the acquisition of a new portfolio of 34 one-bed and two-bed (shared) properties in Wolverhampton, offering 54 people somewhere safe to stay as they overcome personal challenges and lead more fulfilling lives.
SASC’s loan will specifically support the growth of P3’s provision of move-on supported housing, which is part of the homelessness pathway services provided in Wolverhampton.
P3’s 2018 Impact Report[i] highlights that over 1,300 people were housed in P3 properties and 17 per cent of people accessing P3’s services do not have a home. Also, P3’s Street Outreach Teams have worked to enable over 1,400 people across the UK to exit the streets and move into their own home.
P3 CEO Mark Simms says, “The £3m loan from SASH will enable us to expand our housing services for people and give greater choice over the homes we purchase. We will reduce our reliance on private and social landlords and be able to buy good quality, safe homes in communities where people want to live. Through offering ongoing support and tailored advice the people we work alongside will be able to move-on into semi-independent living and be supported to manage their own home.”
Ben Rick, Managing Director, SASC says, “We are delighted to make our third investment from our housing fund to P3. The loan will help the charity meet an unmet demand in the city, aiding vulnerable people caught in the gap between needing greater levels of support and moving on with their lives successfully.
“The breadth and depth of P3’s social impact on vulnerable people in Wolverhampton, and further afield, is clear. The charity supports those who may not otherwise secure suitable housing, risking homelessness, unsuitable care or falling into criminal activities.”
P3 was founded in 1972 in response to a homeless crisis in the Black Country, culminating with the building of a first hostel in 1985. Although primarily concerned with supporting people to exit the streets, P3 also offers mental health support services, youth services, justice services and community support and advice. Over 9,000 people used P3’s advice services between April 2017 and March 2018.
SASC is working with several high impact organisations looking to access funding in the coming months. SASC is targeting a total fund size of £100m for SASH which will allow it to support 30 organisations to house 10,000 people over the next 10 years.
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Notes for Editors
About Social and Sustainable Capital
SASC provides simple finance for extraordinary charities and social enterprises. We believe greater access to the right kind of investment makes charities and social enterprises better able to tackle society's most pressing challenges. Our funds provide flexible capital to enable social sector organisations to grow their social impact, improving the lives of disadvantaged people across the UK. SASC is a social enterprise.