Six social enterprises share £6.1m from Social Incubator Fund

The SIF, provided by the Big Lottery Fund for the Cabinet Office, awards grants to education, health and technology organisations

Cabinet Office
Cabinet Office

The government has made grants worth £6.1m to six organisations from its £10m Social Incubator Fund, which helps social enterprises take advantage of social investment opportunities.

The six new "incubators", which cover areas including education, health and technology, have been given funding of between £600,000 and £1.6m that they will use to support the development of social enterprises.

Incubator organisations will have their funding from the SIF matched by a variety of businesses, including Bank of America Merrill Lynch, higher education institutions, including Plymouth University, and charitable funders, including the Esmée Fairbairn Foundation

Big Issue Invest has been awarded £1m from the SIF, which will be matched by £1m from organisations including Barclays and the University of Northampton. 

The Young Academy, which will support education ventures in London, Nottingham and Derby, will receive £1.6m from the fund, which will be matched with £1.6m from organisations including Esmée Fairbairn and UBS.

The announcement brings the SIF, which was set up to grow the social investment market and is provided by the Big Lottery Fund on behalf of the Cabinet Office, past its funding limit of £10m.

Funding worth £4.7m has already been given out in tranches of £2.6m and £2.1m.

Nick Hurd, the Minister for Civil Society, said: "Britain is blessed with fantastic social entrepreneurs. More than ever, we need to back their desire to find better solutions to our social problems. That is what the Social Incubator Fund is for."

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