A great CSR oppoertunity for East of England Businesses
LITTLE KNOWN TAX RELIEF A GREAT CSR OPPORTUNITY FOR EAST OF ENGLAND BUSINESSES
Invest in Foundation East’s Community Investment Tax Relief (CITR) shares and receive 25% tax relief whilst helping to improve the lives of people in your community and building greater economic resilience across the East of England …
In its mission to build greater economic resilience across the East of England by increasing access to fair finance for micro-enterprises, SMEs and social enterprises, responsible finance provider, Foundation East, has launched its #InvestInCITR Week campaign. The campaign, which you can follow on Twitter, raises awareness of HMRC’s little know tax relief, Community Investment Tax Relief (CITR), and makes the case for socially responsible individuals and organisations who care about the Eastern region to invest in Foundation East’s CITR shares.
“Foundation East exists to support job creation and job sustainability by providing finance and business support to SMEs that are unable to access the money they need to startup or grow from mainstream providers. We’ve been operating for 15 years and have lent £10m to microenterprises, SMEs and social enterprises to date. Every £1 we spend creates £15 local social and economic impact,” explains Katy Ford, chief executive of Foundation East.
“However, with ongoing uncertainty around future EU and government funding, we need to ensure we’re raising enough capital to lend if we are to keep on achieving this impact. One way we are doing this is by more widely promoting our socially responsible investment opportunity and spreading the word about CITR; an offer which is open all year round..”
Foundation East is accredited by HMRC to offer CITR to its investors. The problem is, according to Katy, that not enough socially motivated investors are aware of CITR, neither are those organisations that seek to advise them.
“It’s a shame that this tax relief is so underutilized. It enables investors to offset their tax bill by a minimum of 5% (of their investment) per year for up to five years. So that’s a minimum of 25% (of their investment) tax relief over five years, a far better return than can currently be expected from a savings account. And they get to build economic resilience in their community and change people’s lives for the better too.”
Without lending from Foundation East, over 600 small businesses across the East of England would be unlikely to exist. These businesses have created over 1250 jobs to date and include:
Bedfordshire birthing pool delivery service, Barefoot Birth Pools
Cambridgeshire award winning chocolate-making social enterprise Harry Specters
Essex eco-brand Cabello Hair & Beauty
Hertfordshire young entrepreneurs Fabio’s Gelato
Lincolnshire award winning community gym, Boston Body Hub
Norfolk-based renewable energy solution provider, Miller Installations
Northamptonshire Cookies Bakers & Confectioners
Suffolk Future50 company Your Telemarketing
All of your investment in CITR shares is lent to SMEs like these. As an individual (or sole trader) you can invest a minimum of £50 and a maximum of £100,000. As an incorporated business you can invest a minimum of £250 and a maximum of £100,000.
You can view ashort animation,download an investment prospectusand invest atwww.foundationeast.org/invest.