Government departments announce £37 million new investment for Social Enterprise
28/02/2008
Coinciding with the UK conference for social enterprise - Voice 08 - three Government departments announced new measures to support social enterprises.
Phil Hope, Minister for the Third Sector, announced that a radical proposal to set up a £10 million Risk Capital fund for Social Enterprises will go ahead. The fund will be the first of its kind for social enterprises and will particularly benefit them at the critical start up and early growth stages of developing their business.
Care Services Minister Ivan Lewis also announced a £27 million funding boost for social enterprises, increasing the amount of money available through the Department of Health’s Social Enterprise Investment Fund to £100 million.
Speaking at the Voice 08 conference, the Communities Secretary Hazel Blears shared her three point plan for social enterprise:
1. Increasing access to financial support, particularly for start-up;
2. Establishing a ‘Social Enterprise Unit’ within her Department to ensure social enterprise runs through its DNA;
3. Focus on developing better relationships between the private sector and community organisations and social enterprises.
Commenting on the new measures, Kevin Maton, Network Director of Social Enterprise West Midlands said:
"There is a huge public interest in working for and having services deliver by social enterprises. The conference brought together people with real passion for developing more ethical businesses that meet those public demands. We're looking forward to making the West Midlands a key location for innovative businesses that use their profits to improve our communities and the environment."
We would also like to congratulate the Social Enterprise Coalition on its most successful and energetic conference to-date, attracting over 1,000 delegates across the UK."
Notes
1. Voice 08 (26-27 February) was organised by the Social Enterprise Coalition (SEC) - the UK’s national body for social enterprise. Acting as the voice for the sector, it supports and represents the work of its members, influences national policy and promotes best practice. www.socialenterprise.org.uk
2. More information about the Department of Health's social enterprise programme can be found at: http://www.dh.gov.uk/en/Managingyourorganisation/Commissioning/Socialenterprise/index.htm
3. The Risk Capital investment fund was first recommended in the Government's Social Enterprise Action Plan published in November 2006 published by the then Chancellor of the Exchequer, Gordon Brown. It aims to open the door to thousands of new social enterprises, raise awareness of what they can achieve and encouraging more people to make a difference, either by involvement or investment. It is available online at: http://www.cabinetoffice.gov.uk/third_sector/social_enterprise/action_plan/