Co-operatives and other community-focused firms are set to benefit from a new programme to put “rocket boosters” under the West’s “social economy” launched by regional Mayor, Dan Norris.
Social Economy West, the first ‘third sector’ development agency of its kind in the region, powered by an £1 million investment from the West of England Mayoral Combined Authority, will help the region’s 2,000-plus co-ops, mutuals, social enterprises, charities and other community-focused organisations grow, become more resilient and profitable.
The Mayor says he hopes the project will allow "hundreds more workers a stronger stake in steering, shaping and fairly sharing the profits in our West of England economy”. Ultimately the Mayor says he wants to see the co-op and mutual sector double in size in the region.
Fulfilling Mr Norris's manifesto commitment to set up a co-operative development agency, the investment will support a tailored programme of expert support for local organisations including how to access finance and training for workers.
Speaking from Bristol Beacon’s 348 solar panelled roof, installed by Bristol Energy Co-operative, Mayor Dan Norris said: “For traditional businesses, the first port of call might be the bank or a Chamber of Commerce. Now there is a new show in town to level the playing field for organisations that aren’t run primarily for shareholder profits.
"In this ongoing cost-of-doing-business crisis, I want to do all I can to help the social economy go from strength to strength.”
Andy O’Brien, co-founder of Bristol Energy Co-operative, added: “When we set up our co-op 12 years ago it felt a bit scary, but we had fantastic support from a local cooperative development agency, and this made all the difference. Even for an organisation our size, there are still challenges, not least when it comes to large-scale investment where support from a region-wide, resourced co-operative development agency would be vital.
"Today, community-powered businesses are needed more than ever, so it’s fantastic that Social Economy West is providing support needed to back the region's brilliant co-operative sector."
Social Economy West has been backed by regional and national organisations.
James Wright, Policy and Development Lead at Co-operatives UK, said: "It's great to see West of England Mayoral Combined Authority, led by Mayor Dan Norris, announce this support.
"Co-operative growth can deliver a stronger, fairer economy. Effective local action is critical to unlocking this potential. The prospect of a properly resourced peer support programme is especially exciting, as we know this approach can be really effective."
Phil Smith, Managing Director at Business West, added: “We’re delighted to be working alongside the West of England Mayoral Combined Authority and other partners to deliver this programme.
"Social enterprises are a crucial part of the wider business ecosystem and drive forward the ambition to make this region the best place to live, work and do business.”
From farming, the furniture, to food, across the West of England, there are around 2,000-plus social economy organisations - all underpinned by a central aim of doing good for the West’s communities. The social economy is already worth billions to the region's economy, and directly impacts the lives of thousands of residents - as employees, volunteers or beneficiaries.
The West of England Mayoral Combined Authority has partnered with Business West alongside five other partners from the third sector.
Bristol Energy Cooperative has 15 solar installations and is responsible for over 33% of the city’s solar energy generation. They will sell the electricity generated on the roof of Bristol Beacon at a discounted rate to the music venue then funnel the revenue back into community benefit projects.
