IPB Insurance Backing Social Enterprise Development Fund

02 Feb 2018 | 02.57 pm

IPB Insurance Backing Social Enterprise Development Fund

€400,000 funding and mentoring up for grabs

02 Feb 2018 | 02.57 pm

IPB Insurance is one of the backers of a new fund to support social enterprise in Ireland established by Social Innovation Ireland in partnership with local authorities and the Department of Rural and Community Development.

The Social Enterprise Development Fund  will be delivered over two years and up to eight successful applicants will each receive a grant of €50,000 to invest in their organisation. In addition to the cash grant, the successful applicants will also receive a place on SIFI’s six-month accelerator programme.

Additional places will be reserved for the most promising social enterprises from all 31 local authorities in Ireland. The programme is designed to help social enterprises develop their business skills and to provide them with ongoing peer support and advice, so that they develop sustainable enterprises that have a powerful impact in their community.

SII chief executive Deirdre Mortell said: “Over the past two years Social Innovation Fund Ireland granted €2.5m in supports to social innovations in education, homelessness, health and positive ageing. This is our sixth fund and builds on our past successes in supporting enterprises that are tackling social disadvantage and exclusion. The new Fund will enable successful applicants to grow sustainable enterprises that are rooted in local communities.”

IPB Insurance chairman George Jones  commented: “We are delighted to support SIFI and our local authority Members in working to develop a pipeline of social enterprises nationwide. There are fantastic social ventures across the country and it is important that they receive the necessary encouragement and supports in making a real and lasting social impact.”

The founder of Men’s Sheds, John McEvoy, will manage the fund, which is open to applications until March 28 , with winners being informed in June.

It’s estimated that between 25,000 and 33,000 people are employed in over 1,400 social enterprises and that the potential exists to double that number.

 

Photo: IPB Insurance CEO Michael Garvey (right) with, from left, Paul Reid of Fingal County Council, George Jones, Deirdre Mortell and minister Seán Kyne.

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