Bristol City Funds has completed its first social impact investment, with £150,000 invested into Talking Money, a money advice service based in Old Market, Bristol.
Talking Money provide free, independent, specialist advice, help and mentoring to individuals and families in financial trouble. Advice covers debt, benefits, financial management and fuel poverty. Based in Old Market, many of Talking Money’s clients come from Lawrence Hill, one of the most deprived wards in the city. In addition to money advice services, the charity also works on a range of specialist projects city-wide which focus on particularly hard to reach groups including ex-offenders, vulnerable women and people in psychological distress. Talking Money’s work is more essential than ever with many households facing financial difficulty due to the COVID-19 outbreak.
Working in an increasingly challenging funding environment for charities, the investment will provide working capital to allow Talking Money to develop a longer-term “systems thinking approach” to its services. This will lead to a more impactful service for clients and hopefully attract new funding streams for the organisation.
Marvin Rees, Mayor of Bristol, said:
“I am delighted that Bristol City Funds has completed its first investment into Talking Money, which will be a real lifeline for families in Bristol. The COVID-19 crisis presents the biggest health challenge in a century and is likely to cause catastrophic economic effects on people who can least afford it, with many more than usual needing to access practical money advice.
City Funds, and frontline charities like Talking Money, are key to Bristol rebuilding a sustainable and inclusive economy, using the UN Sustainable Development Goals and the Bristol One City Plan as a framework.”
Talking Money’s Chief Executive, Anna Brown, said:
“We are delighted to be the first recipient of the Bristol City Funds social impact investment. These funds will enable Talking Money to continue to grow, develop and improve its services.
On behalf of the Talking Money staff team and Trustees we’d like to thank the Bristol City Funds team for their continued support and shared vision for the organisation.”
Talking Money’s recent achievements:
Talking Money have been offering valuable services to people in Bristol since 1990, achieving high levels of social impact year on year. In 2018-19, financial gains of over £1.3m and reduced debt liabilities of almost £1m were achieved for its clients. Its work has been recognised through multiple awards, such as the Institute of Money Advisor’s Best Partnership Award 2017 for the Money Advice West Partnership that Talking Money leads.
Further comment and a full Press Release to follow.
Seeking funding for your social impact initiative? Find out more at www.bristolcityfunds.co.uk