Social Enterprise Development Fund Managers Named
Wednesday, 10th August 2011 at 2:56 pm
The Minister for Employment Participation, Kate Ellis, announced the successful Social Enterprise Development and Investment Funds (SEDIF) managers as Foresters Community Finance and Social Enterprise Finance Australia (SEFA).
Foresters Community has been awarded $6 million in seed funding to establish two funds to support social enterprises. The Government’s funding has been fully matched by Foresters’ investment partner Christian Super Fund taking the total fund value to $12 million.
Social Enterprise Finance Australia (SEFA) has been awarded $10 million in seed funding with a further $10 million being invested by a range of corporate and individual investors, to seed the $20 million SEFA Loan Fund.
In January 2011, the Federal Government called for proposals to establish new banking and financial services for social enterprises in Australia.
The Gillard Government announced in July 2010 that it would make $20 million available for social enterprises through the establishment of the Social Enterprise Development and Investment Funds (SEDIF).
The social enterprise funds at set to help address the difficulties that social enterprises can face in accessing private capital for the development of businesses.
The Department of Education, Employment and Workplace Relations (DEEWR) has released guidelines that the department hopes will bring Government, social enterprises and the investment sector to ensure that Australian social enterprises have a strong future.