The SSEF is intended to support organisations that operate as social enterprises. This means that, at least, they:
- Have clear social aims at the core of their governing documents
- Obtain at least 50% of their income from sustainable trading activities
- Use and retain their assets and / or profits for the benefit of local residents and communities
- Have specific powers to borrow
A variety of organisational constitutions are eligible, including charities, community interest companies, companies limited by guarantee and industrial & provident societies.
However, the Fund will not, initially, provide finance to individuals or unincorporated organisations.
Social enterprises applying for funding should be based and operating in Somerset and delivering services and social benefit for Somerset communities.