Additional £1 Million for social enterprises in South East Wales
45 organisations are set to receive increased support from the Social Enterprise Support Project, backed by the Welsh Assembly Government.
The aim of the Social Enterprise Support Project is to raise the profile of social enterprises and create greater awareness of the contribution they make to social and economic regeneration in Wales.
Announced by Social Justice Minister Carl Sargeant, the funding will be invested in providing support including business planning, finance, marketing and staff development to stimulate groups in Cardiff, Monmouthshire, Newport, and the Vale of Glamorgan.
The Minister said:
“The Social Enterprise business model is becoming more and more important to the economy, both socially and ethically. Although social enterprises need to make a profit, just as any traditional business, their profits are often re-invested into the business and used to benefit the local community and their staff rather than to line the pockets of shareholders.
“Social enterprises play a crucial role in the Welsh economy, especially in some of Wales’ more deprived areas where employment opportunities, training or services are limited. We must ensure that they have the support they need to develop and grow.”
The project is expected to create 15 new social enterprises and nine new jobs in the area and will run in parallel with existing schemes in the Convergence Area of West Wales and the Valleys.
The minister also confirmed the Assembly Government has invested £100,000 in the Business Succession and Co-operative Consortia Project, which helps individual businesses to collectively bid for larger contracts and helps employees buy into and manage businesses facing closure.
Written by C Kenzie
November 26, 2010 at 9:48 am
Posted in social enterprise