industrial and provident societies
To fund our new projects and to work with our wider remit to help create communities where people are able to live more sustainably, Ecos Homes needs to raise an additional £2m of private investment. One of the most effective and responsible ways of doing this is by the formation of an Industrial and Provident Society (IPS), which will take shares in Ecos Homes. It is intended that these shares will pay interest of up to 3% or 4% above Bank Base Rate but this rate cannot be guaranteed.
Industrial and Provident Societies grew out of the building and friendly society movement specifically to encourage investment in projects that benefited the broader community. Housing associations, credit unions, social enterprises and even football and rugby clubs share the same roots. Their business is controlled through the auspices of the Financial Services Agency (FSA) and investment is restricted to a maximum sum of £20,000. Our new IPS is called the Ecos Fund Limited.
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