From grant funding to social investment
For Carole Pluckrose, it all started at a building site.
Recently the team from BD Giving stood at the entrance of The Boathouse with Carole as her eyes swept across its exposed brick walls and wooden floors:
“I didn’t choose this building. This building chose me.”
The Boathouse Barking Studios, now a vibrant multi-purpose arts and events space on the River Roding, was a derelict remnant of history when Carole first set eyes on it in 2003. In the 18th and 19th centuries, it was the heart of one of the world’s busiest fishing ports. As the fishing industry decentralised, the early 20th century saw the malthouse building transformed into a grain store along shipping routes. Carole appreciates the layered history, feeling that “the building resonates with the stories of all the people who have come through it.” Making it a “temple to the imagination” today.
“We’re known as one of the poorest boroughs but we’re also a highly entrepreneurial place. Afterall, necessity is the mother of invention.”
In an episode of our Nine Miles East podcast, Carole talked about the team’s work, inviting local people to test creative ideas and use the studio spaces. Over time, she noticed a need emerging from the community: the shrinking living spaces in the surrounding new blocks of flats left people craving larger areas to gather. With the belief in and support from Rooff Ltd, which owns the building, the Boathouse integrated its arts work with making the studios available to hire for birthdays birthdays, baby showers, mendhis and weddings.
The GROW Fund
A significant turning point for Carole came with the GROW Fund £25,000 grant and 6-month business development programme. It was a chance to boost marketing, providing a stronger income stream for The Boathouse. The grant enabled Carole to upgrade facilities and think more strategically about balancing commercial drivers with the artistic impact. Passionate about the arts, Carole believes that participation in creativity is integral to healthy living. Greater income stability for The Boathouse would allow them to say “yes” to more artists looking to test ideas.
The GROW Fund’s grant and development programme led Carole to expand her team and craft a multi-year business strategy. This, in turn, paved the way for a £75,000 investment loan from the GROW Fund (5% interest over five years) to put towards facilities improvements and increased marketing capacity.
Social investment
Transitioning from being a grantee to an investee has been an interesting journey of discovery and exploration for The Boathouse.
Carole says “Prior to the GROW Fund, we were very cautious about the idea of loans, concerned about the power dynamics … all of that made a loan feel too risky. The GROW Fund helped us understand the difference between good debt and bad debt and that’s what changed our mind.We got really excited and knew exactly how we were going to look after this money.”
Carole acknowledges it has been a longer than expected journey with BD Giving but insisted this wasn’t a drawback. “Of course, it’s been two years for something of this kind of depth and quality. We can be reactive and do loads of fast things. But actual long-term stability and growth? This requires nurturing.”
She emphasises that the GROW Fund was not only building a social investment market in Barking and Dagenham but also a community of businesses dedicated to the local area. The Boathouse is the first steward of the GROW Fund and the borough’s community-led investment fund. Any profit made from the patient and fair loan will be reinvested back into the pot.
The repayments The Boathouse makes will go to fund grants and investment for other social entrepreneurs to grow and sustain their businesses in Barking and Dagenham. This fits perfectly with the Boathouse’s values.
Understanding social investment and how it can benefit local enterprises and communities has been a big part of BD Giving’s programme. As Carole says:
“the fact it’s a ‘social’ investment. That’s the differentiator. You know you’re doing this because you’re putting it back into building a better world, a better society, a better community, and, or investing back.”
This kind of model helped Carole and the team realise that “this is a very different way of doing things, this is innovative.”
"The GROW Fund required hard work but it allowed us breathing room and time to think. Our journey with BD Giving has been transformational. Usually these things are quite transactional but this investment is not just about financial support; there's something deeply community about it. Together we’re creating space where community and creativity can thrive.”
To local businesses considering the GROW Fund, Carole’s advice is simple: “Go for it.”
Read about the seven other local businesses that took part in the GROW Fund in the learning report.
If you want to apply to the GROW Fund, sign up for our newsletter below so you don’t miss updates about the next cycle.
If you are interested in investing in people like Carole, contact Kate.”
