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Santander UK launches national award scheme for social enterprises

  • The Social Enterprise Development Awards scheme is part of the Bank's commitment to supporting small companies in the United Kingdom

11 june 2012. Last week Santander UK launched its Social Enterprise Development Awards (SEDA) scheme, a new community investment programme which is part of the bank’s commitment to supporting small companies in the UK. Social Enterprises are businesses set up to provide goods or services to achieve a clearly defined social goal, with their profits being reinvested back into the business or donated to the community.

The awards are targeted at established social enterprises working in one of the following three areas: improving social inclusion, supporting employment, or creating a greener environment. There are three prize levels - £50,000, £30,000 or £15,000 - dependent on turnover, for organisations with the potential to increase their community impact but which need a financial boost.

Robin Foale, managing director, Santander Business Banking, says: “Social enterprises play a vital role in local communities, helping to deliver social regeneration, and we’re looking for those with the potential to expand their work to create jobs and support local economic recovery.”

The SEDA prize fund of £2.28m is split equally across eight regions – London & South East, South West, Midlands, North West, North East, Wales, Northern Ireland and Scotland. There will be nine winners selected from each region, three for each award level, giving a £285,000 total prize fund in each area.

Alongside the prize money, winning social enterprises will receive access to the Santander UK Breakthrough programme support package, including mentoring, funding for internships and university business courses and training. The deadline for applications is 2 July 2012 and the winners will be announced in September 2012.

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