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Lloyds Banking Group invests £14m in social enterprise as it launches second year of programme

Mar 1st 2013

Social enterprise will receive a £14m investment as the Lloyds Banking Group Social Entrepreneurs Programme launches its second year.

1,300 social entrepreneurs will be funded through the programme, with the aim to reach 120,000 beneficiaries in UK communities and create over 4,000 jobs.

Successful applicants will receive comprehensive learning at their nearest School for Social Entrepreneurs, including one in London, and a financial contribution starting at £4,000 upwards to £25,000 to fund their organisation. To further increase the success of their enterprise, the students will also receive a senior business mentor from Lloyds Banking Group during their time on the course.

Nick Hurd MP, Minister for Civil Society applauded the programme as a powerful and effective tool for supporting social entrepreneurs to access the support, people and resources they need to turn their brilliant ideas into successful ventures that change lives.

Graham Lindsay, Group Director, Responsible Business at Lloyds Banking Group says: “Helping our communities thrive is one of the key ways we will help Britain prosper. The support being delivered to social enterprises throughout the nation's communities by Lloyds Banking Group is not simply about the financial boost provided and the jobs created but, as importantly, is about the way in which we will connect the successful students with our team of experienced mentors who have a wealth of business experience which we hope will help the students to build truly sustainable social enterprises.”

Alastair Wilson, Chief Executive Officer at the School for Social Entrepreneurs says: “For the last 15 years the SSE has nurtured some of the most credible and confident social entrepreneurs in the UK. This year we aim to do the same with our intake of students by empowering real people in real places with the appropriate tools to thrive in today’s challenging climate, via our unique action learning programme”.

Tom Ravenscroft, founder of Enabling Enterprise, was one of the first cohort of social entrepreneurs to take part in the scheme.

Tom’s mission for Enabling Enterprise is to ensure students develop the broader skills, experiences aspirations and the qualifications that they need to be successful. Now in its fourth year, Enabling Enterprise is working with over 17,000 students across London, Manchester and Birmingham. Tom is currently the Managing Director for Enabling Enterprise, and alongside his main project he also sits as a Trustee on the Board of Teach First.

Tom's work has been recognised with the Teach First Excellence Award, he was also the 2009 UK Entrepreneurship Teacher of the Year. In 2010, Tom won a ‘Future 100’ award as one of the top 10 up-and-coming social entrepreneurs in the UK. In 2012, Enabling Enterprise was identified as the third fastest growing social enterprise in the SE100 index.

According to impact evaluation undertaken by the School for Social Entrepreneurs the five year survival rate of SSE Fellows’ (alumni) organisations is 20% higher than that for UK businesses and the total value of jobs created by SSE Fellows is estimated to be £13m per year. On average, each organisation set up by an SSE Fellow recruits two full-time and three part-time workers after graduation. The evaluations report estimated that organisations set up by SSE fellows benefit over 800,000 people per year, delivering outcomes to a range of beneficiaries, including children, young people, older people and disadvantaged groups.

More information about the Lloyds Banking Group Social Entrepreneurs Programme can be found at www.the-see.org.uk/lloydsbankinggroup.

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