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SINGAPORE: Promising social enterprises with proven models and track record which want to expand to help more needy Singaporeans will get more help from the government.
From January 2012, the government will broaden the scope of its ComCare Enterprise Fund (CEF), which currently provides start-up funds to new social enterprises to provide training and employment for needy Singaporeans.
Since 2003, when the CEF was started, about S$10 million has been committed to support about 80 social enterprises, benefiting more than 1,600 Singaporeans.
Minister of State for Community Development, Youth and Sports (MCYS), Madam Halimah Yacob, said: "We have received feedback from existing social enterprises that are doing well, that they need additional funding to grow their businesses or to expand into new areas.
"With their expanded operations, they could help even more disadvantaged Singaporeans.
"We hope that such investments in promising existing social enterprises will also propel them to a level that opens up more financing access from the commercial market, impact investors and venture philanthropy funds."
Madam Halimah announced this on Friday at a flagship conference on social enterprise development organised by the Social Enterprise Development Centre.
From January 2012, the government will also introduce a new tier of CEF funding for social entrepreneurial projects by youths.
The S$3 million seed-funding programme is targeting more than 70 schools over three years and 25 start-up projects among institutions of higher learning.
Madam Halimah said the funding is in line with a study of Singapore youths in 2009, which showed that more youths are interested in contributing to the community.
- CNA/cc/ck
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