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Media Release: Morrison Government investing in grants for social enterprise growth
Minister for Families and Social Services, Paul Fletcher announced the first successful recipients from the Government’s $7 million Sector Readiness Fund managed through Impact Investing Australia’s Growth Grant.
The Sector Readiness Fund addresses a current gap in the Australian social impact investing market between investor demand for impact investment products and the current supply. The Fund achieves this by providing grants for social enterprises to access capability building support they need to leverage investment to scale or grow their business.
The Liberal National Government recognises the potential for impact investing to change the way Australia addresses social issues and the important role social enterprises can play in delivering better outcomes for people and communities.
Mr Fletcher, said the seven social impact investment projects, Thrivor, With You With Me, Jarjum Centre, Adieu, Vanguard Laundry Services, Outlook Environmental, Quirky Kid are organisations with growth potential to deliver positive social outcomes.
“These grants will help the organisations to support Australians improve their lives through better jobs, better health, better education and better relationships while bringing significant savings to both Federal and state governments,” said Mr Fletcher.
The $110,000 grant will support Thrivor to further develop its software app assisting patients and their families dealing with a health crisis. The app helps people in accessing support groups, organising transport and scheduling appointments, leading to patients feeling more supported and cost savings through minimising missed appointments or non‑attendance.
With You With Me uses data-driven software solutions to help military veterans nationally find work after discharge from service. With You With Me will receive $140,000 which will allow them to attract investment to expand this model and broaden its application base to include return to work parents, redundant workers and underemployed and people with disability.
The Jarjum Centre in Lismore will receive $99,000 which will allow them to attract the investment dollars they need to redesign their early childcare services and triple their capacity from 40 to 120 children.
Adieu is a social enterprise that offers a new approach to conflict resolution between separating couples. It will receive $50,000 to work with Greater Outcomes to become investment ready.
Vanguard Laundry Services operates a commercial, sustainable laundry business providing employment and training for people living with mental health issues. It will receive $125,000 to work with Social Ventures Australia to attract investment of $5,000,000.
Outlook Environmental creates sustainable opportunities for people with disability to live and work in their communities. It will receive $140,000 to work with Social Ventures Australia to attract investment of $5,000,000
Quirky Kid provides mental health services for children, as well as educational publishing services, products and software. It will receive $130,000 to enable them to engage Social Impact Hub to attract investment.
These recipients are the first to receive grants from the $7 million Sector Readiness Fund. Impact Investing Australia will run four rounds per year over the next three years. These grants announced today total $794,000 and have the potential to help these organisations attract more than $16.7 million in further investment capital to make these outcomes a reality.
“The Liberal National Government has committed over $57.4 million to support social impact investing through developing a comprehensive approach to social impact investing and building the capacity of the social impact investing sector, including $7 million for the Sector Readiness Fund,” said Mr Fletcher.
“Social impact investments can be a game changer in the approach to some serious and entrenched social issues and the Sector Readiness Fund forms part of the Government’s commitment to tackling disadvantage through innovative financing models,” Mr Fletcher said.
Impact Investing Australia (IIA) administers the Sector Readiness Fund through the Impact Investment Ready Growth Grants. Organisations can receive grants of up to $140,000. Further information is available on IIA’s website: https://impactinvestmentready.com.au/