Tuesday 11 December 2018
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Contact Details T: 086 8903154 Email : oshea_jp@hotmail.com

Calling all Social Enterprises – €2m funding to assist Social Enterprises around the country with the support of the Dormant Accounts Fund

Calling all Social Enterprises – €2m funding to assist Social Enterprises around the country with the support of the Dormant Accounts Fund

Michael Ring T.D., Minister for Rural and Community Development, today (18 July 2018) announced a call for applications from social enterprises for funding under the Social Enterprise measure; which has €2m in funding available through the support of the Dormant Accounts Fund.

The aim of the Social Enterprise measure, which is overseen by the Department of Rural and Community Development and administered by Pobal, is to increase the impact of social enterprises by enhancing their capacity to delivery services and generate traded income through the provision of small capital grants and capacity support funding.

Social enterprises operate in a similar fashion to businesses, selling goods or services to individuals, other businesses and the public sector. However, social enterprises are set up to deliver or contribute towards a social, community or environmental goal and any surpluses which emerge from the activities of a social enterprise are reinvested back into its goal.

Making the announcement today, Minister Ring said: “I am delighted to announce funding of €2m to assist social enterprises in the valuable work that they carry out across the country. Social enterprises drive job creation, deliver essential services, bring social benefits and breathe life into communities and, most importantly, carry out this work in communities and areas which are most in need. This Government wants to support social enterprises and I would urge social enterprises to prepare and submit applications for funding under this measure, particularly those which have not benefitted from this measure previously.”

The Minister continued: “The launch of this social enterprise measure, supported by the Dormant Accounts Fund, follows on from the successful launch yesterday of the Dormant Accounts Action Plan 2018. My colleague, Minister of State Seán Kyne, yesterday unveiled the Action Plan which sets out 45 new measures across 10 Departments with a value of almost €40m, which will be implemented using Dormant Accounts funding over the next 18 months. The aim of Dormant Accounts funding is to assist socially, economically or educationally disadvantaged people and the disabled through targeted measures, such as the Social Enterprise measure I am announcing today. I am confident that these initiatives will deliver significant social and economic benefits to vulnerable people across Ireland over the coming years.”

Details on the Social Enterprise measure, the online application process, and how to register an interest in attending a pre-application support meeting in Tullamore on Tuesday 31st July are now available on the Pobal website, www.pobal.ie

The closing date for receipt of applications is 3pm on Friday 31 August 2018.

Additional Information:

The Dormant Accounts Acts 2001-2012, together with the Unclaimed Life Assurance Policies Act 2003, provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post) and unclaimed life assurance policies in insurance undertakings.

The main purpose of the legislation is to reunite account or policy holders with their funds in credit institutions or insurance undertakings and in this regard, these bodies are required to take steps to identify and contact the owners of dormant accounts and unclaimed life assurance policies.

However, in order to utilise the unused funds in dormant accounts and unclaimed policies to best use, the legislation also introduced a scheme for the disbursement of funds that are unlikely to be reclaimed from dormant accounts and unclaimed policies for the purposes of measures to assist:

1.       the personal and social development of persons who are economically or socially disadvantaged;

2.       the educational development of persons who are educationally disadvantaged or;

3.       persons with a disability.

The Department of Rural and Community Development operates the Social Enterprise measure under the Dormant Accounts Fund. The aim of the Social Enterprise measure is to increase the impact of social enterprises by enhancing their capacity to delivery services and generate traded income through the provision of small capital grants and capacity support funding.

Pobal, on behalf of the Department, is inviting applications for funding under the Social Enterprise measure. Details about the measure, the online application process, and how to register to attend a pre-application support meeting in Tullamore on Tuesday 31 July are available on the Pobal website www.pobal.ie

The closing date for receipt of applications is 3pm on Friday 31 August 2018.