Social enterprise raises £300K to build forever homes for disabled or vulnerable people
Mustard Seed Property is trying to raise capital to renovate homes for adults with learning disabilities.
A social enterprise trying to create homes for adults with learning disabilities has attracted more than 200 investors to get its scheme off the ground.
Mustard Seed Property raised £330,000 from a first wave of investors towards a £600,000 target to help house vulnerable adults in the Duchy.
The capital already invested will enable MSP to fully refurbish its second property, recently bought in Redruth, Cornwall.
The organisation said its community shares scheme will be extended until the end of November to hopefully raise enough to refurbish a third property.
Mike Lowe, one of the directors of MSP said: “We’re grateful to all our investors who are helping us create a solution for the very real and growing need for supported homes for vulnerable people, in one of the most deprived areas in the UK.
“But we still need more financial help so if you’re from Cornwall and looking to make a real difference to your community, or Cornwall just means something to you for example as a favourite holiday destination, or maybe you just want to support some very important people to find a home.
“Whatever your reason, this is a great investment opportunity making a real difference, especially powerful in this challenging time.”
Since 2007, working with its partners, MSP has provided a home for more than 40 vulnerable adults with learning disabilities or at risk from homelessness.
Having secured its second property, and the planned purchase of a third, by 2022 it should be able to house, at least 16 more people each year.
Lowe said that in some cases this will be a first move towards further independence, but for others this could be their home for life.
Local Investor, Liz James said: “It is great to be able to use some of my savings to invest in this great project working towards providing accommodation for vulnerable adults in Cornwall.
“As well as the fact that my money is helping provide opportunities for people who really need it, it will also generate a strong financial return. A social return as well as a financial return is very important to me.”
The community share offer is still live and MSP is looking for investors. Full details of the offer are available on the Ethex website.
The above article by Olivier Vergnault first published on inyourarea.co.uk in Oct, 2020.