Press release
Minister Humphreys launches ‘Trading for Impact 2024-2027’ -Ireland’s National Social Enterprise Policy
From Department of Rural and Community Development
Published on
Last updated on
From Department of Rural and Community Development
Published on
Last updated on
€2m ‘Growing Social Enterprise’ capital support scheme launched
Minister for Rural and Community Development Heather Humphreys TD has today, the 24th July 2024, launched ‘Trading for Impact’ the National Social Enterprise Policy 2024 -2027. The launch took place at a social enterprise, the ICE Enterprise Hub run by Inner City Enterprise.
The purpose of the new policy is to build on the achievements of Ireland’s first social enterprise policy.
Latest estimates show that there are roughly 4,300 social enterprises operating nationally with an estimated total income of €2.34 billion.
This new policy has been designed to cultivate and sustain a strong and impactful social enterprise sector in Ireland that enriches the social, environmental, and economic wellbeing of our communities.
The policy was developed after widespread consultation with the sector and an open national public consultation process.
The policy details five key objectives:
57 concrete actions are defined under these objectives, which will be implemented between 2024 to 2027. A ‘Stakeholder Engagement Group’ will oversee the delivery of the policy.
New €2 million ‘Growing Social Enterprise' fund launched
The Minster also announced the launch of the new €2m Dormant Accounts funded ‘Growing Social Enterprise' fund which is an action within the policy. The purpose of the fund is to provide capital supports that assist enterprises to achieve their social, environmental and economic objectives, and to improve their sustainability and impact. The fund will benefit up to 100 social enterprises nationwide, with grants ranging from €1,500 to €100,000.
Speaking at the launch of the policy, Minister Humphreys said:
“I am proud to launch ‘Trading for Impact’ the new National Social Enterprise Policy today. This policy is a testament to government’s continuing commitment to social enterprise across Ireland, and the significance we place on it. Strong social enterprises are important for our local communities, and play a crucial role in creating jobs, addressing social challenges, and fostering a more inclusive society. This new policy builds on the success of its predecessor and sets out a clear framework for enhancing their capacity and impact in Ireland in the years to come”
Minister Humphreys added
“I am also delighted to launch the new 2024 ‘Growing Social Enterprise Capital Fund’. This €2m fund will provide much needed support nationwide to purchase equipment or undertake building works, enabling social enterprises to continue the great work they do in our communities.”
Trading for Impact, the National Social Enterprise Policy for Ireland 2024-2027 is available here.
Click here for information on the DAF Growing Social Enterprise Capital Fund
ENDS
Notes for editor:
The Department of Rural and Community Development was established to promote rural and community development and to support vibrant, inclusive and sustainable communities throughout Ireland.
Its focus is on strengthening community resilience and social cohesion, supporting communities so that they are empowered to face current and future challenges.
Social enterprises pursue ‘profit with purpose’. Like other businesses, they earn profit by trading in goods and services, but these profits are primarily or wholly reinvested back into achieving core social or environmental objectives.
Well-known examples include Grow It Yourself (GIY) , which helps people grow their own food, Thriftify , a digital commerce platform for charity retailers, Vantastic , which provides transport for people with disabilities, and Foodcloud , which redistributes food that would otherwise go to waste.
The National Social Enterprise Policy for Ireland ran from 2019 to 2022, and was the first Government policy aimed at specifically supporting and realising the potential of social enterprises. Trading for Impact has been informed by a widespread consultation process which included regional workshops, a national public consultation process, and bilateral meetings with social enterprise representative groups and stakeholders. It is also informed by an up-to-date evidence base of research commissioned to inform the new policy including an OECD review of social enterprise in Ireland , a baseline data collection exercise , and a NESC report on social enterprise on the island of Ireland.
The policy details five key policy objectives to sustain and grow social enterprise over the years 2024 to 2027, their rationale, and 57 actions which will be undertaken to deliver on these objectives. A chapter is dedicated to each objective:
Policy Objective 1 : Building Awareness of Social Enterprise focuses on actions which will generate a wider public and institutional understanding of social enterprise and its potential.
Policy Objective 2 : Growing and Sustaining Social Enterprise focuses on actions which will allow social enterprises to benefit from supports to improve their growth and sustainability.
Policy Objective 3 : Supporting the Green Transition focuses on actions which will assist social enterprises in contributing towards the green transition and delivering on climate action targets.
Policy Objective 4 : National and International Engagement focuses on actions which will deepen Ireland’s engagement and alignment on social enterprise policy on a national, regional, EU, and international level.
Policy Objective 5 : Impact Measurement focuses on actions to improve levels and quality of social enterprise data, access to social impact measurement tools, and deepen engagement with academic institutions.
Implementation of the policy will be monitored by a Stakeholder Engagement Group which will consist of members of key government departments / public sector organisations and sector representatives.
Key Highlights of Trading for Impact include:
The Growing Social Enterprise Capital Fund’ and the Dormant Accounts Fund
The ‘Growing Social Enterprise Capital Fund’ is made available under the Dormant Accounts Fund. It will provide investment capital to social enterprises to:
Pobal will administer this scheme on DRCD’s behalf, applications are now open on their website at https://www.pobal.ie/programmes/daf-growing-social-enterprise-fund/
The Dormant Accounts Acts 2001-2012, together with the Unclaimed Life Assurance Policies Act 2003, provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post) and unclaimed life assurance policies in insurance undertakings.
The main purpose of the legislation is to reunite account or policy holders with their funds in credit institutions or insurance undertakings and in this regard, these bodies are required to take steps to identify and contact the owners of dormant accounts and unclaimed life assurance policies.
However, in order to utilise the un-used funds in dormant accounts and unclaimed policies to best effect, the legislation also introduced a scheme for the disbursement of funds that are unlikely to be reclaimed from dormant accounts and unclaimed policies for the purposes of measures to assist:
1. the personal and social development of persons who are economically or socially disadvantaged;
2. the educational development of persons who are educationally disadvantaged; or
3. persons with a disability.