A new social investment fund will help Australia's social
enterprises to grow, build their capacity and increase the
impact of their work in local communities.
Minister for Employment Participation Kate Ellis today
announced a third manager in the Australian Government's
Social Enterprise Development and Investment Funds (SEDIF),
bringing the total capital worth of the partnership with
private investors to $40 million.
The new $8.6 million Social Impact Fund is being
managed by Social Ventures Australia (SVA) and has approved
its first loan recipient, North Yarra Community Health.
The $300,000 loan will go to North Yarra Community Health
to help them establish a new health practice. Profits from
the practice will fund its community health centres in
Collingwood, Carlton and Fitzroy.
"North Yarra Community Health has a long history of working
locally to deliver a range of medical, allied health,
social work and community development services," Ms Ellis
"The SEDIF is about helping social enterprises to grow
their business and deliver more social outcomes. The new
practice will provide a more sustainable and reliable
income, which means that North Yarra can improve the
quality and scale of operations at their community health
The first two funds under the SEDIF were announced in
August 2011. More than 250 social enterprises have already
sought access to loans.
Social Ventures Australia will offer loans, subordinated
debt and equity options with the $4 million Australian
Government grant, which is being matched by an additional
$4.6 million from individual and institutional
Ms Ellis said the SEDIF is an excellent example of how the
Government in collaboration with the private sector can
deliver social and financial benefits to local communities.
"What better way to create jobs at the local community
level than by ensuring organisations with a social mission
can access adequate financial help.
"This is a business model of the future for how governments
worldwide can deliver social policy in a financially viable
"It's important we get the word out to businesses and the
community about the opportunities SEDIF has to offer," Ms