Communities Minister Carál Ní Chuilín has said the £7m Covid Social Enterprise Fund recognises the important role that Social Enterprises play both as an economic driver and a platform for social change.
A Social Enterprise a trading business that sells goods and services, whose primary objective is to achieve social and/or environmental benefit. They are different from those charities and voluntary organisations who do not have financial independence through trading income.
The Covid Social Enterprise Fund is aimed at covering losses and supporting liquidity to 30 September 2020 and building resilience for the future for social enterprises who meet the criteria.
Speaking during a visit to the Dairy Farm Social Enterprise in west Belfast the Minister said:
“Social Enterprises create a bridge between enterprise and social responsibility – they are key to inclusive growth and will have a full role to play in the rebuilding and reshaping of the economy post Covid. Supporting confident, outward looking, enterprising and innovative communities is a fundamental objective delivering on social and economic inclusion, employability, and anti-poverty impacts.
We all benefit from a strong social enterprise sector - organisations typified by a desire to design and deliver innovative products and services, improve opportunities for local people and develop independent and sustainable communities. This fund recognises this importance and is designed to support the Social Enterprise sector both in terms of its survival following the emergency, but also in terms of its role in wider economic and social recovery.
“A public announcement will be made shortly about funding arrangements and the application process.”
Colin Jess Director of Social Enterprise NI said: “Social Enterprise NI is delighted at the news of a fund being made available for the social enterprise sector and would like to put on record our thanks to the NI Executive on recognising the strength and value of the sector. The social enterprise sector in Northern Ireland employs almost 25,000 individuals, many furthest from the labour market and contributes £625M to the local economy.
“This support will provide much needed support to ensure these organisations continue to offer their services. Social Enterprise NI will work with Department of Communities to ensure that the funds are promoted and delivered to those in much need.”
Notes to editors:
- Photo caption: Pictured on a visit to Dairy Farm Shopping Centre Social Enterprise are Colin Jess, Director Social Enterprise Northern Ireland, Communities Minister Carál Ní Chuilín and Seamus O’Prey, Chief Executive Ortus Group.
- The sector is diverse, and organisations can have a range of forms, including Ltd Company, Company Ltd by Guarantee, Registered Charity, an unincorporated body managed by trustees, but will exclude sole traders / partnerships. However, the unifying element is the requirement that profits are retained for reinvestment in the business or in the beneficiary community.
- A SE Memorandum and Articles of Association will require that, upon dissolution, the assets of the SE are transferred to another organisation with similar aims and objectives or applied in full for an appropriate social purpose.
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