Social Enterprise is a business that is dedicated to tackle social issues as its key purpose.
A company can register for Social Enterprise and it is not necessarily be for charity. Social Enterprises can be profit driven and all their profits will be mainly used to fund social programs and solve social issues.
The Singapore Centre for Social Enterprise (raiSE) was set up in 2015 to help raise awareness on social entrepreneurship and raise support for social enterprises in Singapore.
It aims to build the empire of the social enterprise sector in Singapore to a greater height and also to further pursue a sustainable way to address social needs in Singapore.
You are a Social Enterprise if:
|1. You have the following characteristics:||• General majority of revenue from provision of goods & services
• A clear business plan to achieve financial sustainability & profitability
• Have clear social goals to address social needs & service gaps (in an inclusive & non-discriminatory manner)
• Clear allocation of resources to fulfil social outcomes
• Management or founder has a clear intention to make social goal(s) the core objective (s) of the business
|2. Support persons in need or at risk||Generally, this occurs when there is deprivation in at least one of the following areas:
• Social (e.g. ex-offenders, victims of crimes, elderly)
• Physical (e.g. abilities to person daily activities)
- People/ Families with low income (e.g. people on financial assistance schemes)
- People with health conditions
- People with disabilities (e.g. physical, intellectual, special needs)
- People with mental health needs
- Disadvantaged youths (e.g. at-risk youths, youths from low income families)
- Disadvantaged elderly (e.g. elderly who live alone)
|3. Address a social need/gap||Your business should achieve at least one of these desired impact outcome areas through the provision of:
• Employment Opportunities
• Skill Development
• Basic Living Needs
• Economic Tools & Services
• Health Care or Social Care products & Services
• Products & Services to improve Mental Health & well-being
• Capacity Building for Organisation in the Social Sector
Grants and Schemes
There are numerous grants and schemes given specially for Social Enterprises in Singapore, such as:
- Up to S$300,000 grants under Venture For Good (VFG) by the Singapore Centre for Social Enterprise (raiSE).
- VentureForGood (Youth)’s grant by the Singapore Centre for Social Enterprise (raiSE) provides up to 80% of the total projected capital expenditure and first year operating expenditure, capped at $20,000.
- raiSE Impact Finance Plus (RIF+) (funding amount varies)
- Successful applicants can expect to receive up to SGD 250,000 under DBS Foundation Social Enterprise Grant in grants, as well as gain access to business and partnership opportunities, and mentorship by DBS executives
*In order to be eligible for the grants under Singapore Centre for Social Enterprise (raiSE), your Social Enterprise must be a member. It costs $300 for new Social Enterprise Members; $100 for yearly renewal (if renewed within 6 months from expiry).
*Individuals or aspiring social entrepreneur who are looking to be connected to the SE community may apply to join as an individual member to gain key insights and explore opportunities at a cost of $50.