Government launches £10m fund for social enterprise incubators
Organisations could receive up to £750,000 in annual grants to invest in social enterprise start-ups
The Social Incubator Fund, which aims to encourage investment into early-stage social ventures, is now open for applications.
Introduced by Minister for Civil Society Nick Hurd, the fund will allow incubators (organisations that offer funding and intensive mentoring to early-stage businesses) to apply for annual grants of up to £750,000 to invest in social enterprise start-ups.
Incubators could also receive between £50,000 and £250,000 per year to put towards operating costs.
Grant allocation decisions will be made by an advisory board, whose members include Big Lottery Fund, Big Society Capital and The Social Investment Business.
It is to be chaired by the Cabinet Office.
The 10 successful applicants will be announced at the end of January 2013, with two subsequent rounds launching in 2013 and 2014.
Minister for Civil Society, Nick Hurd is confident that the fund will boost social enterprise start-ups: “We want to help social entrepreneurs to create innovative solutions to difficult social problems.
“The Social Incubator Fund will significantly increase the number and quality of early-stage social ventures in the UK.” Applications to the Social Incubator Fund can be made here