North West Social Enterprises set to benefit from ERDF grant

The Social Enterprise Loan Fund (TSELF) wants to hear from North West social enterprises with innovative business ideas after being awarded money by the European Regional Development Fund (ERDF).

The ERDF funding will enable TSELF to provide loans of up to £50,000 for social enterprises across the region as part of the Government’s ‘Solutions for Business’ scheme. In addition, TSELF can accommodate applications up to £250,000 for the right proposal, meeting the difference from its own funds.

Sir Howard Bernstein, Vice Chair of the North West European Regional Development Fund Local Monitoring Committee, said: “The Social Enterprise Loan Fund has the potential to make a huge difference to businesses unable to secure sufficient funding from mainstream sources.

"With a particular focus on supporting businesses operating in disadvantaged areas, this fund can provide a major boost to localities, communities and people who need it the most by safeguarding jobs and creating employment opportunities.”

Roy White, North West Regional Director at TSELF, said: “The work of social enterprises is invaluable. There is a vibrant social enterprise sector in the North West which we want to see grow. The grant from the ERDF is a great boost, and we are looking forward to working with more social enterprises and charities across the region.

“We are particularly keen to hear from social enterprises that are exploiting innovation and knowledge. We have the funds available to support eligible social enterprises with innovative business ideas which can be translated into economically valuable products and processes, generating turnover, market share and new employment opportunities.”

TSELF has until March 2013, to lend the money from the ERDF grant, to social enterprises across the region.