SOCIAL enterprises in Somerset could benefit from a loan of between £10,000 and £100,000, thanks to a new fund launched this week.

Somerset County Council has established with the Somerset Community Foundation (SCF) a £1 million Somerset Social Enterprise Fund (SSEF).

A social enterprises is a business or group set up with a view to tackling social problems, improve communities, people’s life chances or the environment.

They make their money by selling goods and services like any other business but reinvest their profits back into the business or community.

The new fund seeks to help prospective and established social enterprises in Somerset develop sustainable services for communities.

The fund will provide loans of between £10,000 and £100,000 to eligible organisations.

To be eligible, organisations must be operating within Somerset and be able to demonstrate they are social enterprises.

Social enterprises can apply for loans for any number of reasons including purchasing equipment or vehicles, improving the property they operate from or to enable and support organisational growth and development.

Cllr John Osman, leader of Somerset County Council, said: “Social enterprises in Somerset are key in helping us deliver on our priorities to promote Somerset as a thriving economy and as a place where people can access the good quality services they need.

“By reinvesting in the community, and often providing vital services to our residents, without aiming to take any profit for themselves, social enterprises help us, in the Council, in so many ways.

“The Somerset Social Enterprise Fund has been set up to recognise the importance of social enterprises and to give them the opportunity to continue to grow and develop more sustainable services for our residents.”

Social enterprises wishing to find out more should contact the Somerset Community Foundation. You can phone 01749-344949 or email info@somersetcf.org.uk or visit the website at www.somersetcf.org.uk/apply-for-a-grant/ Somerset-Social-Enterprise-Fund