The charitable arm of the social investment arm of the Big Issue, Big Issue Invest (BII), has rebranded itself from The Social Enterprise Loan Fund (TSELF) to Big Issue Invest Trust (BIIT). The name change comes as BIIT embarks on a new strategic direction.
BIIT has also announced the retirement of three of the Trustees after many years’ service. Pyarali Jamal (outgoing Chair), Mohamed Omer and John Illingworth will step down from their roles, having stayed beyond their terms to ensure that TSELF is properly repositioned to BIIT with a carefully developed strategy and implementation plan in place. Pyarali will step down now, whereas Mohamed and John will step down once their replacements are confirmed.
BIIT have welcomed the appointment of Parveen Bird as the new Chair. Parveen is a Director on The Big Issue Group Board.
I am confident that BIIT will also play a vital role in supporting the sector
Parveen and the other trustees will help to support the Big Issue Invest Trust’s new strategy, initially epitomised by the Power Up programme, which provide small grants to social enterprises and charities focusing on business support, governance and financial planning.
Pyarali Jamal said: “It has been an honour and a pleasure to have chaired the Board of TSELF for the last six years and to have been on the board for nine. TSELF has over the years made an important contribution to the development of social enterprises in the UK. I am confident that BIIT will also play a vital role in supporting the sector, and I have full confidence in Parveen and the other Trustees to take the organisation forward.”
Parveen Bird said: “I am delighted to accept the role of Chair for Big Issue Invest Trust. My long-standing relationship with The Big Issue Group and my focus on social enterprise alongside my fellow Board members will hopefully allow us continue to carry on the sterling work started by Pyarali, Mohamed, John, and others at BIIT.”
Big Issue Invest provides finance and support to social enterprises and charities seeking to dismantle poverty and create opportunity for people across the UK. It invests between £20K and £3 million in organisations seeking repayable financing options, helping them to scale up and maximise their social impact. Since launching in 2005, BII has have invested in over 330 organisations, all of which have positively influenced the lives of people across the UK. BII currently manages or advises on £170 million of social funds.