Three Welsh organisations are to receive a total of £453,476 funding to help them deliver the Social Enterprise Action Plan for Wales.
Social Justice Minister Carl Sargeant has announced that the Wales Co-operative Centre will receive £175,000; the Development Trusts Association Wales, £172,713; and Social Firms Wales, £105,763 for 2011 / 12. The funding will be used to provide specialist advice to the Welsh Assembly Government, support both new and existing social enterprises towards sustainability, and to help raise awareness of the sector.
A social enterprise is a business with social objectives whose surpluses are principally reinvested in the business or in the community, rather than being driven by the need to maximise profit for shareholders and owners. They tackle a wide range of social and environmental issues and compete in the marketplace using their business skills to achieve social and environmental objectives.
Carl Sargeant said:
“Social Enterprises are becoming increasingly important to the economy, both socially and ethically. They 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, and the funding for these specialist organisations will play a key role in enabling this.”
