Community Enterprise Growth Plan: Unlocking Dormant Assets
9th June 2022
Dormant assets could unlock £1b to boost social enterprise and level up communities
Social Enterprise UK and Big Society Capital are among a coalition of organisations promoting the Community Enterprise Growth Plan, described as a “once-in-a-decade opportunity” to help accelerate the growth of social enterprise in underserved communities.
Nine UK social economy organisations have united to urge the government to use dormant assets funding which could potentially direct £1bn to left-behind communities. The coalition, which includes Social Enterprise UK and the UK’s social investment wholesaler Big Society Capital, is backing the Community Enterprise Growth Plan, a series of recommendations on how to use dormant asset money to grow social enterprise in left-behind communities in order to help “level-up” the country. This includes areas identified by the Index of Multiple Deprivation and those led by or serving protected groups such as people from ethnic minority backgrounds, those with an impairment and/or facing gender bias.
Lord Victor Adebowale CBE, Chair of Social Enterprise UK, said: “The best way to level up the country is to grow social enterprises. We know it works… We have the formula, but we need the next round of dormant assets to accelerate the growth of social enterprise and level-up even faster.”
The government is expected to launch a 12-week consultation this summer on how to use £880m of additional funding from dormant assets that have been unlocked by a new law passed in February. Express your interest here.
Our thanks to Pioneers Post and Social Enterprise UK for sharing this important sector news – invaluable information and updates for the sector!
→ Read the full Pioneers Post article here.
→ Read the full Social Enterprise UK press release here.