Cooperatives benefit to tune of £1m thanks to share issue

A share issue for a social enterprise fund has raised more than £1m to lend to cooperatives across the UK.

The money was raised by the ICO fund, a subsidiary of social lender Co-operative & Community Finance. It will be ploughed into not-for-profit businesses and community schemes.

Two previous share issues, which raised £1m between them, have allowed the fund to lend £3.3m to about 150 cooperatives.

“We are delighted that the 2007 issue has surpassed all expectations, not least because we have managed to increase the size of the fund on previous years, which will allow for higher levels of lending in future,” said Alain Demontoux, operations manager at CCF.

“That is particularly relevant in light of our record lending year in 2007.”

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