The Community Foundation for Northern Ireland is working alongside Santander Bank in Northern Ireland to help deliver their Social Enterprise Development Award which can award up to £50,000 to social enterprises.
The Development Awards are targeted at established social enterprises, with two or more years of trading, that have ambitions to develop their business but need a financial boost to help them realise their ideas.
The Community Foundation will be carrying out the short listing process and Santander will make the final decision on the awards.
The Santander Social Enterprise Development Award aims to support social enterprises that are looking to grow and develop their organisation in order to improve their local community through social and environmental outcomes.
Through the award scheme, funding is provided to those Social Enterprises with the greatest potential for growth – those with clear business plans outlining the development opportunity, combined with a strong management team with the appropriate skills and expertise to deliver the new initiatives.
Awards are split into three categories, dependent on the turnover of the applicant.
Category A offers a prize of £50,000 for community enterprises with a turnover of £250,000 - £500,000, while category B offers a prize of £30,000 for organisations with a turnover of £150,000 - £250,000 and category C giving a prize of £15,000 to groups with a turnover of up to £150,000.
The total prize fund of £2.28 million is split equally across eight regions: London and South East, South West, Midlands, North West, North East, Wales, Northern Ireland, and Scotland.
In addition to the funding, Santander has a package of support, including master classes, internships, live events and mentoring, available to assist winning social businesses in order to support them in being successful.
Applications can be downloaded from the Community Foundation website and the deadline is 2 July 2012.