Sector Readiness Fund
The Australian Government committed $8 million from 2018-19 to 2022-23, to support the Sector Readiness Fund (the Fund). The Fund is a market capability building trial. It provides grants to assist established social enterprises to:
- buy capability building services
- help attract investment
- grow the business
- increase social impact.
The trial commenced in November 2018 and will cease on 30 November 2023. Impact Investing Australia (IIA) administers the Fund on behalf of the department, and is undertaking an impact evaluation of the project.
Evaluation of the departments SII Program includes assessment of the impacts of the Sector Readiness Fund. Learnings will feed into development of the Social Enterprise Development Initiative (SEDI), announced in the 2022-24 Budget in the Targeting Entrenched Disadvantage package.
Growth Grants
Through the Fund’s Growth Grants, established social enterprises can receive up to $140,000 in funding. The funding allows them to buy services to strengthen their capability in:
- business planning
- financial modelling
- capital raising
- contract negotiations
- legal support
- outcome measurement
- evaluation.
Eligible organisations must focus on one of the 14 outcome areas, including:
- communities and inclusion
- employment
- training and participation
- health and disability
- education and child development
- Indigenous Australians
- online services
- microenterprise development
To date, 18 social enterprises have reached their investment targets with a combined investment of $83.3 million. This includes:
- Junglefy
- Circle In
- Verve Super
- Energy Renaissance
- Field Orthopaedics
- Coviu Global
- MS Queensland
- Woolpack
- Immediation
- Mtime
- Living Joy
- Words Biggest Garage Sale
- Ethical Property
- Liftango
- Nightingale Housing
- AbilityMade
- Enabler Interactive
- ReNew Property Maintenance
Applications to funding rounds have now closed. No further rounds are planned.
More information on the Growth Grants can be found at Impact Investment Ready Growth Grant.
Resilience Grants
In 2021-22, the Fund offered resilience grants of up to $30,000 to eligible organisations experiencing financial stress due to the coronavirus pandemic.
These grants provided organisations with funding to access advice on strategies to continue or restructure business activities in response to the coronavirus impact.
Resilience Grants totalling $0.54 million were provided to 18 organisations.
More information on Growth and Resilience Grant Recipients can be found at Impact Investment Ready Growth Grant.
Contact:
SocialImpactInvesting@dss.gov.au
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