Green light for £1,000,000 Social Investment Fund
Approval for the development of a £1,000,000 Social Investment Fund to support Somerset businesses and communities was granted by Somerset County Council today.
Council Leader Cllr John Osman gave the green light for the £1,000,000 fund, a move that will help charities and social enterprises to make a positive impact on local communities and the economy.
Social enterprises are businesses with primarily social objectives where profits are reinvested into the business or the community, rather than being driven to make profit for shareholders and owners.
The proposed fund will normally offer loans of £10,000 to £100,000.
Leader of Somerset County Council, Cllr John Osman, said: "This is a significant commitment by Somerset County Council to help start, grow and expand charities and social enterprises that provide social, economic and environmental benefit to the communities of the county.
"We are committed to empowering individuals and communities to help support each other with targeted investment and support and to helping and supporting innovative ways of providing services."
Justin Sargent, Chief Executive of Somerset Community Foundation, commented, "The fund will underpin a supported loans programme targeted at locally-based, home-grown charities and social enterprises using a business-based approach to achieve direct benefits for local communities."
Cllr Osman added, "Somerset Community Foundation has a track record of delivering grant funding projects and has an established network of contacts that makes this such an exciting prospect for social enterprise schemes that often struggle to secure finance."
The criteria and application process for the fund is currently being developed with a view to launching the fund in November 2014.
Anyone interested in the fund should contact Justin Sargent, Somerset Community Foundation Tel: 01749 344949 or email: email@example.com