"We wanted to be part of a future where Southend got its soul back."

How do you make a difference?

We wanted to create an environment that would be as welcoming and accessible as possible for the whole community, including those who have never climbed. So we reached out to lots of local charities working with different groups, to make sure that what we were physically building was as accessible as possible.

Like many coastal communities, Southend has seen a decline, with above-average levels of deprivation. We wanted to be part of a future where Southend has got its soul back. Where the town centre is buzzing with creative spaces and social venues.

We designed something that people are proud to see on the high street, with huge 30-metre wide windows covered with colourful squiggly graphics. And you can see through to the climbing and the coffee shop, so it's all kind of ‘wow!’ factor. We get a lot of walk-ins and a lot of people saying it’s exactly what Southend needed. I'm so glad we were able to put something new on the high street.

How did social investment help you?

I’d grown a bit disillusioned with how funding works in the charity sector – particularly the instability so many charities feel due to the lack of predictable funding. This led us to focus on the social enterprise model as a way to be self-sustaining. We also wanted the self-respect of taking on debt for our activities, rather than relying on grants.

But we could never have taken a loan at commercial rates, as it was just too expensive. The social investment loan we got from Sporting Assets (through their Sporting Capital Fund) allowed us to build and launch the whole venue in one go, and generate the right momentum from day one.

We were also awarded a development grant. We had no experience managing building projects, and a bouldering wall is quite complex and expensive. The grant meant we could hire a quantity surveyor to lead us through the process of procuring and project managing the construction and contracts. That really helped to ensure we got good value and weren’t taken for a ride. I’d characterise the relationships with Sporting Assets as like having an older sibling who has got your best intentions at heart.

What does the future look like for IndiRock?

The financial support we’ve received has given us the security of knowing the big investment is done and we don’t have to keep borrowing. It really helps with financial planning and there’s no interest pressure, because the interest on the loan was paid upfront through a grant from Sport England. 

It means we can focus on the day-to-day running of the venue now. But our goal is financial stability – we want to be able to self-fund our community outreach work rather than lean on grants. We’ve got lots of ideas and are focussing on building our financial stability, so I don’t have to worry at night.

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→ Duration: 5 years → Interest Rate: 8% → Amount invested: £120,000 (Loan) and £30,000 (Grant) → Date of investment: December 2021 → Product type: Blended finance - part grant, part loan → Programme: Growth Fund

The Growth Fund was a partnership between The National Lottery Community Fund and Big Society Capital, delivered by Access through a range of social investors. It made up to £50m available to support charities and social enterprises to grow and create social impact in their communities. The Growth Fund used a combination of grant funding, made possible thanks to National Lottery players, and loan finance from Big Society Capital and other co-investors, to address specific gaps in the social investment market.

To find out more about social investment and how it could support your organisation, visit Good Finance.

To find out more about Access - The Foundation for Social Investment, visit our website.