Social enterprises based in Yorkshire are to be given a huge cash boost, ensuring the future of a large proportion of the region's business community.
Firms that aim to benefit their local community are to receive £5.8 million from regional development agency Yorkshire Forward.
The funding aims to create more than 250 jobs by helping to establish 120 new social enterprises.
Social Enterprises are recognised by the government as businesses with primarily social objectives, rather than being driven by profits and shareholders.
Such a cash boost will enable the West Yorkshire Social Enterprise Fund (SEL) to carry out its work until at least March 2009.
Between November 2003 and August 2004, SEL has created 38 new businesses and 123 jobs and provided support to more than 800 social entrepreneurs in West Yorkshire.
Susan Johnson, Yorkshire Forward executive director of Business, said: “Social enterprises create jobs for the sub-region and help to address key social issues at the same time. We are delighted to give them the support they need to carry on this work.
A review of SEL funding found that the extra cash was having a significant impact by helping social enterprises to become more business conscious.
Eddie Rogers, chief executive of the West Yorkshire Enterprise Partnership, said: “We an now plan ahead with confidence, building on the investment and work to date. We can now plan ahead with confidence, building on the investment and work to date.
“With the backing of Yorkshire Forward we will continue to strengthen existing social enterprises, help new ones to emerge and start meeting the needs that have been identified during the past 18 months.”
