The Skill Mill

The Skill Mill are social enterprise providing employment for young ex–offenders in watercourse and horticulture services.

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Duration 
4 years
Cost of capital 
7-8%
Turnover 
N/A
Amount invested 
£1m with £100,000 through SITR
Product 
Social Investment Tax Relief
Social Impact Bonds

Challenge

The stigma attached to having a criminal record and lack of previous opportunity creates enormous barriers for young people. Those who have committed offences are often unable to access education, training or employment opportunities which are vital to helping them move forward with their lives.

Revenue model

The Skill Mill secured £1m of investment to roll-out The Skill Mill programme across 7 regions with £100,000 of that coming from the Resonance West Midlands SITR Fund. The outcomes-based contract, also known as a Social Impact Bond (SIB) is for The Skill Mill to deliver work readiness training gained through employment. The programme will help young people gain confidence and skills to help them secure long-term employment.

Impact

The Skill Mill supports people with offending backgrounds into long-term employment. This type of intervention work is well-proven, with successful outcomes across 5 regions to date. 88% of young people do not re-offend, following the completion of a 6-month employment and training programme with The Skill Mill.

Investor Details 

Resonance

Resonance help social enterprises raise capital from like-minded investors and we create impact investment funds, which deliver financial return and targeted social impact.

We believe that change is possible and that one day, aligning profits with social impact will be the norm.

Financial product offered: 
Charity bonds
Unsecured loan (incl. overdrafts)
Secured loan
Social property funds
Blended – part grant, part loan
Quasi-equity
Social Investment Tax Relief
Equity investment
Community shares
Social Impact Bonds
Resilience and Recovery Loan Fund (RRLF)
Emergency Finance