A SIB with property component, a useful idea for future development and a great potential benefit for Cambridge.

Allia Raises £4.2m Bond Funding For Cambridge Social Enterprise Centre
Third Sector

The Future Business Centre will provide space for about 50 charities and social-purpose organisations.

The social finance charity Allia has raised £4.2m of bond funding to pay for a specialist office building in Cambridge for charities and other social-purpose organisations.

The building, called the Future Business Centre, has already been completed at a cost of £9m, and its first tenants moved in this week. It will eventually provide space for about 50 charities and companies.

It has been paid for with a mixture of grants, donations and short-term loans, and the £4.2m bond will be used to pay off the existing debt.

The bond will pay an interest rate of 3 per cent, and will be repaid after five years. Most of the investment has been made by four local companies: TTP, Xaar, RealVNC and ARM.