Peter Holbrook CBE, Chief Executive, Social Enterprise UK commenting on the announcement by the Secretary of State Digital, Culture, Media and Sport:

“We welcome the announcement of £30m of additional Dormant Accounts funding for blended finance for social enterprises through the Access Foundation.”

“Our members have told us that with the right blend, finance can play a role in getting them through this crisis and beyond into the recovery. That is why we worked with our partners in the sector to raise this issue with government and it is good to see the Secretary of State responding with this additional investment.”

“Social enterprises are mobilising communities right now to keep our country going through this crisis and want to play a big role in the national recovery. The more tools that government can give us now, the faster and better we can build our country back up and running.”

ENDS

For more information please contact Andrew O’Brien at Social Enterprise UK – Andrew.OBrien@socialenterprise.org.uk I 07889 129971

About Social Enterprise UK

Social Enterprise UK is the largest network of certified social enterprises in the UK and the leading global authority on social enterprises. Together with our members we are the voice for the sector. We have led public policy for 15 years, helping pass the Social Value Act, and are a strategic partner to government. We exist to increase the profile of the sector through our campaign and research, and build the markets for our members – working with some of the UK’s biggest companies to support them to bring social enterprises into their supply chains. Our members reflect the diversity of the sector ranging from local grass-roots organisations to multi-million-pound businesses. We see social enterprise as the future of business.

www.socialenterprise.org.uk

About social enterprises

Social enterprises are businesses which trade for a social purpose that reinvest or donate over half their profits to further this social or environmental mission. They are an increasingly important part of the UK economy contributing £60 billion and employing 2 million people. Estimates are there are 100,000 in the UK. Research carried out by Social Enterprise UK, the membership body for the sector, shows they are outperforming traditional businesses when it comes to start-up rates, turnover growth and innovation. They are also ahead of the pack when it comes to workforce diversity and pay. For more information and statistics see Social Enterprise UK’s State of Social enterprise Report 2019 and the ‘Hidden Revolution’ report which showed the true scale and impact of the sector.