The Bright Futures Fund has made its first investment into Ability Tec, a Bolton-based social enterprise, using the newly introduced Social Investment Tax Relief. The fund targets commercial success stories which deliver high social impact. It wants to invest in enterprises that seek to improve the lives of children and young people and relieve the threats facing vulnerable communities.
To date, the Bright Futures Fund has raised £1.5 million from more than 40 UK tax payers. Its ultimate ambition is to lend around £300,000 to up to a dozen firms. Today it announces that it has just agreed to lend £260,000 to a Bolton-based firm called Ability Tec.
Ability Tec is a Community Interest Company (CIC) which provides contract electrical manufacturing services to more than 15 clients. The end products are gadgets such as taxi-fare meters and ipad chargers.
Ability Tec was formed in September 2012. It has created the equivalent of eight-full time jobs, with a mission to employ people with disabilities. The refinancing from the Bright Futures Fund will enable the company to grow by taking on additional staff and replacing some of its existing higher cost financing.