New funding worth nearly £1.3 million will accelerate the growth of the social economy in Wales says Deputy Minister for Regeneration, Leighton Andrews.
The funding will be used to support the further development of the social economy in Wales. This will include creating more development trusts, more social firms and a community based loans facility for social enterprises.
Training, research and raising awareness of the scale and benefits of social enterprise will also receive support.
Four organisations that support the social economy across Wales will receive the funding over the next three years.
Wales already has well established social economy that includes a range of social enterprises, such as cooperatives, mutual groups and social firms that exist primarily for the benefit of the community and where their social or environmental purpose is central to what they do.
Social enterprises offer a huge range of services, operating in fields as diverse as childcare, arts centres, crime prevention, sustainable tourism, food production and food distribution, furniture recycling, the provision of housing, and health and social care.
Leighton Andrews said:
Great strides have been made in developing a vibrant social economy in Wales. Whether it is providing full time employment to people with disabilities or enhancing the local environment it is having a positive impact across the country.
We want to accelerate this progress. Supported by the funding I have announced today and working with social enterprise sector we can make sure that the social economy continues to develop for the good of society and the economy.
The four organisations receiving funding are the Robert Owen Community Banking Fund, the Wales Co-operative Centre, Social Firms Wales and the Development Trust Association Wales.