COVID Social Enterprise Fund: Importance of £7m fund highlighted

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.

The Northern Ireland COVID Social Enterprise Fund will play an important role as both an economic driver and platform for change according to the NI Communities Minister.

A Social Enterprise is 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.

COVID Social Enterprise Fund will ‘build resilience’ for the future for local social enterprises

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.

COVID Social Enterprise Fund “recognises importance of strong social enterprise sector”

“It 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,” she added.

Article continues below

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.

He added, “Social Enterprise NI will work with the Department for Communities to ensure that the funds are promoted and delivered to those in much need.”

Find out more HERE.

Short URL: https://newrytimes.com/?p=72640

Posted by NewryTimes News on Aug 21 2020. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry