The Five Lamps Organisation in Thornaby on Teesside, will soon be able to help thousands more people thanks to financial support from a unique loan fund.
A recently awarded loan of £30,000 from The Social Enterprise Loan Fund (TSELF) has supplemented Big Lottery ‘Community Asset Fund’ support, enabling The Five Lamps Organisation, to refurbish a Grade 2 listed, local authority building on Dovecot Street in Stockton town centre, to provide vital facilities for hard to reach people in the community.
As part of a Big Lottery initiative, and in partnership with Stockton Borough Council and TSELF, the £370,000 project has created a focal point for Five Lamps’ services including: assistance into employment; an enterprise gateway; young people’s services; a range of key skills and accredited learning; financial inclusion advice and access to affordable credit, with the aim of reaching at least 4,000 people per year. In addition, up to ten other local third sector organisations will be able to use the new facilities each year.
Graeme Oram, Chief Executive of The Five Lamps Organisation, said: “The newly refurbished building provides much needed space for us to deliver these life-changing services to our communities.
“We have developed an excellent relationship with TSELF, and the support we have received has been superb. We are truly grateful.”
Founded 25 years ago, The Five Lamps Organisation is a registered charity and has had considerable success in building an increasingly integrated range of social, economic and financial inclusion services in Stockton-on-Tees, the wider Tees Valley and now throughout the North East. It has become one of the largest and most highly respected social enterprise organisations in the region, employing 80 staff. Turnover for 2010-2011 will top £3.1million.
Rod Jones, regional director for TSELF, said: “The Five Lamps Organisation offers an amazing service to many people in the area and we are thrilled to be able to assist in this way.”
Social enterprise organisations throughout the UK are bucking the trend and thriving in the difficult economic climate and the Social Enterprise Movement as a whole, is now made up of tens of thousands of organisations and accounts for more than one per cent of the UK’s total economy.
The Social Enterprise Loan Fund (TSELF) is a Community Development Finance Institution (CDFI) and a registered charity aiming to support social enterprises engaged in social regeneration projects with the provision of loan finance.
TSELF has, to date, invested £8million in social enterprises across the UK, helping clients to generate job opportunities as well as training places.
For more information about The Five Lamps Organisation, visit www.fivelamps.org.uk or call 01642 608316.
For more details about TSELF visit www.tself.org.uk or call 020 7680 1028.
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