A community development trust in Manchester has received the largest award from the Adventure Capital Fund, a Home Office-backed pilot project to provide equity investment in social enterprises.
The Moss Side and Hulme Community Development Trust has received £300,000 to create a managed work space in the deprived area of the city and enable people to start their own businesses without moving out of the local area.
Nine other projects have received money from the £2.7 million fund which is jointly managed by the Home Office, Neighbourhood Renewal Unit, Local Investment Fund, Scarman Trust, Development Trusts Association and the New Economics Foundation.
The Adventure Capital Fund was forced to turn away many organisations requesting funding. In February, it received 37 applications seeking total funding of more than £11 million.