Applications are now open for a fund which can help social enterprises in Limerick to tackle important social issues through entrepreneurship and trading. The Social Innovation Fund Ireland (SIFI) has an open call out for projects at present under its Social Enterprise Development Fund strand.
SIFI was set up by the government to find and back innovative solutions to critical social issues around the country. SIFI was established to fill the gap on funding innovation in the non-profit sector. Just as innovation is important to economic growth, we believe that innovation is crucial to solving Ireland’s social problems.
SIFI’s purpose is to support the best non-profits, charities and social enterprises in Ireland so that they can grow and reach more people who will benefit from their crucial work.
Applications are now being sought under the Social Enterprise Development Fund strand.
The Social Enterprise Development Fund is a €3.2 million fund, which will be delivered over four years: 2018 – 2022. The fund was created by Social Innovation Fund Ireland (SIFI), in partnership with Local Authorities Ireland, and funded by IPB Insurance and the Department of Rural and Community Development.
The objective of the fund is to find and back social enterprises that add to the social and economic fabric of their community by way of social impact. It will provide critical support to the most innovative and impactful social enterprises across Ireland, helping them to:
- Increase their social impact
- Increase their traded income
- Create more jobs
- Develop long-term, effective and sustainable solutions
The applicant must be a social enterprise with a not-for-profit legal form. Social enterprises are defined as organisations that:
- Have a clear social mission and make a social impact
- Generate income from goods or services
- Reinvest any surplus into achieving their mission
- Are separate from government or state agencies
In 2020, the Fund offers up to 16 awardees:
Cash grants
The Fund will support up to 16 social enterprises with cash grants and a place on the Accelerator Programme.
- Two social enterprises will receive a cash grant of €50,000 each
- Two social enterprises will receive a cash grant of €30,000 each
- Two social enterprises will receive a cash grant of €20,000 each
- Up to ten social enterprises will receive a cash grant of €10,000 each
Places on the Accelerator Programme
All successful applicants will win a place on Ireland’s only National Accelerator Programme specifically designed for social enterprises. The Accelerator Programme is designed to equip the social enterprises with the tools and techniques to expand their business skills and deepen their impact within their communities and across the country.
It provides training from best-in-class experts across the private, non-profit and public sector. Training is provided across a range of functions including strategic planning, impact measurement, finance management, governance, business modelling, pitching, storytelling and more. The Accelerator Programme also includes the financing of business and mentoring supports tailored to the needs of each organisation, such as market research, marketing plans and online impact strategies.
For those social enterprises that are unsuccessful The Genesis Programme will provide support to social enterprises who do not receive a cash grant. The attendees for the programme will be selected across Ireland, ensuring that the Social Enterprise Development Fund offers support to social enterprises in every Local Authority area.
For more information about the Social Innovation Fund Ireland in general and the specific funds that are currently accepting applications, visit socialinnovation.ie.