Michael Ring, T.D., Minister for State for Regional Economic Development today (Tuesday) announced the allocation of €1.648 million in funding from the Dormant Accounts Fund to 42 social enterprise projects across the country. The allocations follow a competitive call for proposals from social enterprises that provide services to, or employment opportunities for, disadvantaged people, particularly in rural areas.
Making the announcement today, Minister Ring said:
“Social enterprises play an important role in supporting local communities, in promoting social inclusion, and in helping those who are most distant from the labour market.
I am pleased to be able to announce today the allocation of €1.648 million from the Dormant Accounts Fund to support 42 social enterprises in their work in helping communities, creating jobs and providing enhanced services to those most in need”.
The Minister continued:
“There was a huge interest in the call for proposals which was launched in February, and almost 200 applications were received. I want to thank Pobal for assisting my Department in assessing the applications and in helping to identify those projects that can have the greatest impact with the funding available under this scheme. I believe that the projects being funded will play an important role in providing much-needed supports and services to local communities, particularly in rural areas.
A full list of all successful projects, including the grant amounts awarded, is available on the Department’s website.
Notes to Editors
Social Enterprise Measure
The Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs operates the Social Enterprise measure under the Dormant Accounts Fund. The aim of the Social Enterprise measure is to increase the impact of social enterprises by enhancing their capacity to delivery services and generate traded income through the provision of small capital grants and capacity support funding.
In February 2017, Pobal, on behalf of the Department, invited applications for funding under the Social Enterprise measure of the Dormant Accounts Action Plan. Details of the successful projects are available here.
A Social Enterprise is defined as "An enterprise that trades for social/societal purpose, where at least part of its income is earned from its trading activity, is separate from Government and where the surplus is primarily re-invested in the social objective." (Forfas: Social Enterprise in Ireland, Sectoral Opportunities and Policy Issues, July 2013)
The aim of the funding being provided by the Department of Arts, Heritage, Regional, Rural and Gaeltacht Affairs, is to support social enterprises that provide services to, or employment opportunities for, disadvantaged people, particularly in rural areas.
The funding will be used to cover capital costs (e.g. machinery, specialised equipment, refurbishment costs and vehicles) and capacity building costs in social enterprises.
Dormant Accounts Fund
The Dormant Accounts Act 2001, together with the Unclaimed Life Assurance Policies Act 2003 and the Dormant Accounts (Amendment) Acts 2005-2012, provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post) and unclaimed life assurance policies in insurance undertakings.
The legislation introduced a scheme for the disbursement of funds that are unlikely to be reclaimed, for the purposes of programmes or projects to assist:
- the personal and social development of persons who are economically or socially disadvantaged;
- the educational development of persons who are educationally disadvantaged; or
- persons with a disability (within the meaning of the Equal Status Act 2000).
Since the establishment of the Dormant Accounts Fund in 2003, over €320 million has been approved for disbursement from the Fund for a range of projects across the spectrum of Government which meet the above objectives.