Business news

Council to boost Belfast’s social economy with new £45K incentive fund

Posted By:
Belfast City Council

26th Sep 2022

A new Social Economy Incentive fund offering up to £10k per successful applicant has opened to incentivise and boost Belfast-based social enterprises and co-operatives.

The competitive fund is specifically for new and growing social enterprises and co-operatives in need of support to help them start trading in the next six months, or in early growth stages.

Chair of Belfast City Council’s City Growth and Regeneration Committee, Councillor Ryan Murphy explains: “This new Social Incentive fund is all about giving an injection of cash to support our social enterprises at the crucial start-up, early development and early growth stages, when they can face the most challenges in accessing capital.

“Our funding will cover set up costs, equipment to help achieve growth, staff skills development and specialist support – so long as it’s not provided under other programmes. We’ve made a commitment in the Belfast Agenda to make it as easy as possible to do business in the city, because a thriving and prosperous inclusive economy will be the engine of change for Belfast. With this new fund, we’re addressing a key barrier to start-up or early-stage growth – lack of capital.”

The deadline for online applications is 5pm on Thursday October 20.

As part of Social Enterprise and Global Entrepreneurship Week, shortlisted organisations will be invited to make a five-minute pitch on November 11 to a judging panel of local social enterprise stakeholders, outlining the social value and impact the award would have on their organisation and beneficiaries. Eight winners will be selected to receive a grant ranging from £1K-10K.

For more information, and to complete an online application, go to www.belfastcity.gov.uk/socialincentivefund