On July 31st, the Social Enterprise Investment Fund received 363 applications to the second call for applications, nearly double the amount received from round 1 (31st October 2007).
The purpose of the fund is to support social enterprises delivering health and social care. The objective is to improve people's well-being.
The Social Enterprise Investment Fund has invited bids up until 31st July 2008 for a fund that is worth £17m this financial year.
The Social Enterprise Investment Fund (SEIF) is currently managed by a specialist team led by Community Health Partnerships (CHP). CHP manages the selection process and presents proposals to the SEIF independent investment panel. If the panel recommends investment, the Department of Health will then decide whether to approve the panel's recommendations.
This year, the fund offers two types of finance to better response to the needs of potential investees: Step 1 being a development grant up to a maximum 20k for social enterprises needing to create a robust business case around the idea and Step 2 when the business is more developed with costs and income flows established.
Next steps of the application process:
Stage 1: Initial Assessment with regard to our eligibility criteria and the viability of business idea of each application.
Stage 2: Site Visit undertaken by one of our enterprise advisors.
Stage 3: Presentation to the independent investment panel. Following the presentation, the panel will either recommend that the SEIF invest in the social enterprise, recommend further business support or reject your proposal. First panel sitting is in October 2008 and they will continue on a monthly basis until March 2009. Panel decision is final and applicants will be informed of the outcome immediately after panel.
For more information, please contact Community Health Partnerships at 0207 633 4113.