£1million Somerset Social Enterprise Fund Launched
Somerset County Council has established a £1 million Somerset Social Enterprise Fund (SSEF) with the Somerset Community Foundation. The fund will help prospective and established social enterprises in Somerset develop sustainable services for communities.
Social enterprises can apply for loans for any number of reasons including purchasing equipment or vehicles, improving the property they operate from or to enable and support organisational growth and development.
Cllr John Osman, Leader of Somerset County Council said: “Social enterprises in Somerset are key in helping us deliver on our priorities to promote Somerset as a thriving economy and as a place where people can access the good quality services they need. By reinvesting in the community, and often providing vital services to our residents, without aiming to take any profit for themselves, social enterprises help us, in the Council, in so many ways.”
“The Somerset Social Enterprise Fund has been set up to recognise the importance of social enterprises and to give them the opportunity to continue to grow and develop more sustainable services for our residents.”
Justin Sargent, Chief Executive of Somerset Community Foundation, said: “Somerset Community Foundation is delighted to be working in partnership with Somerset County Council to deliver this vitally important investment into our communities. Social enterprises have a major role to play in tackling social needs and stimulating the local economy, and this new fund will help accelerate growth and development in the sector. It will complement our existing grants programmes but by ‘recycling’ this fund through carefully targeted loans its value to our communities will be greatly increased.”