Vulnerable young Londoners to benefit from building skills scheme

The initiative is to fund small community organisations to renovate homes in the capital by providing training and employment opportunities to young unemployed and homeless people.
 
Under the partnership, the Mayor of London’s Housing Covenant scheme will provide a £10m loan to Big Issue Invest, the social investment arm of the charity, to distribute to housing projects set up by social enterprises and charities.
 
The renovated homes will be rented or part-sold once completed.
 
Johnson said: “Big Issue Invest are masters of boosting community social enterprise and delivering key employment and training skills to the homeless and unemployed people who need our extra support.”
 
Big Issue Invest provides projects with funding from £50,000 up to £1.7m and aims to help organisations tackle poverty and create opportunities for vulnerable people.
 
Nigel Kershaw, chairman of Big Issue Group, praised the funding that will provide more opportunities for disadvantaged people.
 
“The fund helps to extend The Big Issue’s mission of preventing and dismantling poverty and creating opportunity.
 
“That we are offering homes and employment opportunities to vulnerable people makes this so important to us, as it’s all about preventing people ending up on the streets.”
 
A report in December last year by Homeless Link found 57 per cent of homeless young people were not in education, training or employment with half lacking the skills to live an independent life.