The Albanese Government is partnering with investors and philanthropic organisations to enhance access to capital for social enterprises that provide jobs for disadvantaged Australians.
This is all about helping people who are doing it tough to get a great job and get ahead.
By supporting social enterprises, we can give more people a fair go at earning a decent living and providing for their loved ones.
The Government will contribute $1.2 million to jointly launch the Social Enterprise Loan Fund (SELF) alongside other investors.
The fund was established by White Box Enterprises to provide capital for social enterprises, especially those providing employment opportunities for people facing barriers to work.
The fund is specifically designed to help residents in rural, regional or remote communities, those aged 65 and over, people with disabilities, First Nations Australians, migrants, refugees, asylum seekers, people from culturally and linguistically diverse backgrounds, individuals with recent or current experience of homelessness and young people.
Access to the right capital at the right time has long been acknowledged as a missing piece in growing the social enterprise sector.
The Government's contribution will support the Social Enterprise Loan Fund to provide loans of up to $500,000 with a focus on lending that enables greater social impact and job creation.
The fund has raised a total of $4.2 million from a range of partners in addition to the Commonwealth, including Westpac Foundation, Macquarie Group Foundation, English Family Foundation, Ian and Shirley Norman Foundation and the Victorian Government.
This investment follows the Albanese Government's $200 million Targeting Entrenched Disadvantage package delivered in the 2023-24 Budget, as well as the Treasurer's Investor Roundtable which has convened major investors and experts to explore barriers to growth in the social impact investing market.
The Albanese Government's economic plan is all about creating more opportunities for more people in more parts of the country and that's exactly what we're doing by supporting social enterprises to employ Australians.
