Mayor welcomes £6.25m milestone for innovative programme supporting communities

Mayor welcomes £6.25m milestone for innovative programme supporting communities

Mayor of Cambridgeshire and Peterborough, Paul Bristow, has welcomed the £6.25 million first close of a new innovative investment vehicle designed to offer lasting, locally-led action to improve life chances and strengthen communities. 

The Combined Authority was a founding investor in Greater Cambridge Impact (GCI), committing £1 million, and the programme is now well on its way towards its ultimate target of £10 million. 

The £6.25 million first close means initiatives that will bring tangible benefits to local people and communities can now start to be supported.  They including helping people get on in life and be better able to take advantage of the jobs and opportunity of the Cambridgeshire and Peterborough economy, supporting growth and reducing the costs that come with economic inactivity. 

The first phase brings together public, civic and private partners to back locally-led solutions addressing some of the region’s most persistent challenges, including homelessness, barriers to opportunity, and support for vulnerable children and families. Cambridge City Council is also a founding investor.  

The aim is to attract more private investment as the momentum builds.  

GCI takes a different approach from traditional grant funding. Rather than one-off awards, it provides repayable finance – such as loans – to charities and social enterprises. The returns are then recycled to support future projects, creating a lasting cycle of investment, bringing long-term backing to initiatives that can demonstrate measurable impact. 

For the Combined Authority, the investment reflects a commitment to ensuring growth creates greater opportunity across the region.  By supporting people to engage more fully in the local economy, GCI will support our Local Growth Plan aims and strengthen communities. 

Mayor of Cambridgeshire and Peterborough, Paul Bristow, said: “Greater Cambridge Impact is a genuinely exciting and pioneering example of locally-driven action to tackle our region’s challenges. We can’t just rely on short-term government grants and this approach helps put funding which backs people and communities on a sustainable footing. 

“Our £1 million commitment has unlocked further investment into the region. As we work to triple the region’s economy, initiatives like this are vital to ensuring that the benefits are felt more widely.”  

Executive Director of Greater Cambridge Impact, Sara Allen, said: “Reaching first close signals that partners across Greater Cambridge are serious about prevention and long-term impact. This is about supporting great organisations to deliver measurable change – and building stability and resilience. 

“I’m so proud that GCI has provided a locus for public leadership, social lenders and local expertise to work together to back approaches that address root causes, not just symptoms. We will show that that coordinated, investment in where we live can improve life chances and strengthen communities over time.  First close means the real work begins now.” 

Greater Cambridge is home to a globally competitive economy, but not everyone is sharing in that success, both within the city and across the wider Combined Authority area. Greater Cambridge Impact aims to help ensure that prosperity driven by world-leading research, innovation and enterprise translates into broader benefits. 

The initiative is structured as a joint venture company, with the Combined Authority holding a seat on the board. This ensures that investment decisions align with regional priorities and has a coordinated approach.  

By securing £6.25 million in its first phase, Greater Cambridge Impact has demonstrated strong confidence from partners and created momentum towards its £10 million target. The fund will now begin deploying capital into projects that can result in measurable improvements for communities across the region.