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PRESS RELEASE
06 March 2009
Futurebuilders England to manage Social Enterprise Investment Fund
A consortium led by Futurebuilders England has today been announced by the Department of Health as the fund manager of its £100 million Social Enterprise Investment Fund (SEIF).
Futurebuilders England, in association with Partnerships UK, will provide extended services to the Department of Health to support organisations that are, or are aiming to become, social enterprises delivering health and/or social care services. Commencing in June 2009, Futurebuilders England and Partnerships UK will work closely with the Department of Health’s Social Enterprise Unit, and an independent investment panel, to support and assess applications to the Fund. Futurebuilders England will also manage the investments made by the Fund.
Futurebuilders England will design a range of financial solutions including loans, grants and innovative equity investment products, along with tailored business support services that can be provided by the Fund. Partnerships UK will use its particular expertise in working with public bodies, to assist NHS staff who, through the Department of Health’s “Right to Request” process, wish to create new social enterprises.
Jonathan Lewis, chief executive of Futurebuilders England commented:
“We are extremely pleased to have been appointed to run the SEIF on behalf of the Department of Health. Having built solid foundations with the main Futurebuilders Fund, we will use our expertise to extend and develop the SEIF offering.”
James Stewart, chief executive of Partnerships UK commented:
“Social enterprises already make a huge contribution to the delivery of public services. This contribution is only going to increase in the future. Partnerships UK is delighted to be working alongside the Department of Health and Futurebuilders England to help social enterprises realise their full potential in delivering health and social care services”.
For more information on SEIF please go to www.dh.gov.uk.
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Notes to editors
Media enquiries
For more information regarding Futurebuilders England:
For more information regarding Partnerships UK:
About Futurebuilders England
- Futurebuilders England is a unique £215m fund offering support and investment to help Third Sector organisations win contracts to deliver public services. It is funded by the Office of the Third Sector in the Cabinet Office
- To date, Futurebuilders has offered over £162m in investments to 330 organisations, including agreements in principle
- For more information visit www.futurebuilders-england.org.uk
About Partnerships UK
- Partnerships UK (PUK) has a unique public sector mission: to support and accelerate the delivery of infrastructure renewal, high quality public services and the efficient use of public assets through better and stronger partnerships between the public , third and private sectors
- PUK is working with around 20 Primary Care Trusts to provide assistance in separating provider and commissioner functions and support the implementation of new enterprise forms including social enterprise.
- For more information visit www.pukpublicservices.org.uk
About social enterprises
The government defines a social enterprise as ‘a business with primarily social objectives whose surpluses are principally reinvested for that purpose in the business or in the community, rather than being driven by the need to maximise profit for shareholders and owners.
About SEIF
- Following the 2007 Comprehensive Spending Review, the Department of Health committed £100m of funding for the SEIF until March 2011.
- Social enterprises that can apply can be:
- Multi-agency partnerships, particularly voluntary and community groups wishing to use their expertise to provide services across health and social care
- Existing social enterprises looking to expand into health and social care.
- Groups of professionals (e.g. nurses, therapists), seeking to form a social enterprise to deliver their services using the ‘right to request’.
- All social enterprises would be expected to have a ‘not-for-profit’ status, whereby surpluses are reinvested in the pursuit of their social aims
- For more information visit www.dh.gov.uk/en/Managingyourorganisation/Commissioning/socialenterprise