£1 million in funding for Greater Cambridge Impact was approved by the Cambridgeshire and Peterborough Combined Authority on Monday 16 December. 

Greater Cambridge Impact is designed to support disadvantaged communities and aims to raise a 10-year, £10 million investment pot that will deliver lasting, measurable change.

Greater Cambridge Impact will take an innovative approach to tackling inequality, especially around education, social mobility, health and homelessness. It will invest in charities, social enterprises and community interest companies offering bold solutions, using mechanisms such as equity investments and loans, while working closely with local government. Returns from local government investments will be reinvested, ensuring a sustainable cycle of funding for social innovation.

Cambridge City Council initiated this project, and city councillors also made an in-principle commitment of £1 million in July 2023. Together with the Combined Authority’s commitment approved at the Investment Committee on Monday, this represents significant support from the region which will help to secure the wider investment needed to reach the £10 million target.

Read the Combined Authority's news release to find out more.