Resonance is a pioneering social impact property fund manager managing a total of over £350m. In 2022, Resonance launched Resonance Community Developers, with £9m in funding from Big Society Capital and the Access Foundation. This social impact fund is designed to help communities meet local needs by creating and owning income generating assets, such as affordable homes, sports and leisure facilities and renewable energy generation.
The target fund size is £100 million, with a target return of 4% and a minimum five-year term. The fund has made initial investments in community projects across three areas of the UK, in Cornwall, Gloucestershire and the North West. The fund follows a strategy of community engagement through the alliance forged with community groups, such as a local Community Benefit Society, a type of social enterprise that reflects commitment to the wider community, with profits being ploughed back into the business.
It supports these groups at every stage of their journey, including establishing themselves, engaging with their wider community and bringing to life their project ambitions, with both finance and sector expertise. The Resonance team, together with Associates, work with these community groups through close co-operation and support, engaging with them through face-toface meetings, workshops, and online consultation.
Many community-based organisations do not have the benefit of full-time staff. They are often made up of volunteers and are therefore reliant on the Resonance team. This engagement process is continual, even after the project is completed, enabling Resonance to work with the organisation on impact measurement and new projects.