£5m government boost for most ambitious social enterprises

NEWS FROM THE CITY SEMINAR ON SOCIAL INVESTMENT

Third sector minister Angela Smith today announced the government will invest up to £5m to boost the fastest growing social enterprises via the Bridges Social Entrepreneurs Fund.

The Bridges fund, which focuses on ambitious social enterprises, has also recently secured investment of £750,000 from the Esmée Fairbairn Foundation. This means, to date, it has a total of £8.6m to invest in social businesses.

Speaking at a seminar at Mansion House designed to introduce city financiers to social investors, Smith said: 'This is the first large government investment aimed at high-growth social enterprises.

'The UK government is seen as a pioneer across the world and, at a time when we have the third sector that wants capital and the private sector looking for new opportunities, I invite and encourage you in this room to be part of what I think is an exciting and emerging investment market.

'Today's announcement is an example of how the government can fill the gaps in the social investment market, by investing directly and, in doing so, leading the way and encouraging the market to follow.'

Bridges Ventures director Antony Ross said he hoped to announce the fund's first investments shortly.