Intervention: Hull
Fund: Community Investment Fund
Date of Investment: January 2016; refinanced December 2017; repaid September 2022
Impact Area: Housing and local facilities
Beneficiary Group: People living in poverty and/or financial exclusion
Giroscope, a charity, was set up in 1985 by volunteers motivated to regenerate a deprived neighbourhood of Hull. The collapse of the trawling industry had resulted in low levels of owner occupation and high volumes of poorly maintained private rented housing.
Giroscope buys and renovates empty properties to provide homes for those in need. Giroscope works with many volunteers who are at risk of social exclusion, and trains them through the Construction Skills Certification Scheme.
The loans financed the purchase and renovation of 12 flats in Hull, and a new build project consisting of 3 new houses
Enabling positive transition to affordable housing, employment and training
Vulnerable people, at risk of homelessness and long term unemployment
12 flats to be bought and refurbished, and 3 new houses to be built
The loan enabled greater access to affordable accommodation and training opportunities for vulnerable people in the local community
Giroscope has an established track record of working with vulnerable people and of renovating housing
SASC’s initial investment was crucial as we risked losing the commercial property. The investment process was rigorous, but it was enjoyable, and it really helped us understand our figures. The process was also very fast, which enabled our project to go ahead – it couldn’t have happened without them.
Caroline Gore Booth, Project Manager
