Social Enterprise Fund canned
What they promised
What they say now
23 Jul 2015 - The Liberal Government has broken its promise to retain the Social Enterprise Fund that provided seed capital for programs that delivered social dividends from not-for-profit businesses. .
The Social Enterprise Fund was announced in 2012, and recommitted to in the Liberal’s 2013 election policy, ‘Creating Better Communities’. In the 2015-16 State Budget it was revealed that the program had been axed.
The aim of the program was to increase the number of social enterprises that were operating in WA.
After a successful first round, the program was placed on hold as it was reviewed by consulting firm KPMG along with the Social Innovation Grants project.
Media at the time reported many applicants who were working with the program to develop their business plans were left waiting for months to hear whether or not the money attached to the second round of applications would be forthcoming. Sunday Times 3 November 2013
However in the 15-16 Budget, it was revealed that the remaining unspent funds from the Social Enterprise fund were returned to the Government. p630 2015-16 Budget Paper 2Only $4.6m was expended from the fund, less than half of what was promised.