Torbay Social Enterprise Grant
What is the fund?
The Torbay Social Enterprise Grant (TSEG) provides grants to social enterprises in Torbay to help them increase their economic and social impact.
The fund has around £50,000 of grant funding to invest by March 2023 and is looking to make around 10 awards to social enterprises in Torbay.
Area:
The administrative area of Torbay Council
Grant size:
Between £2,500 and £10,000. Funding will be available between 2021/ 22 and 2022/ 23.
Application deadline:
On-going. No applications will be accepted after December 2022.
What we’re looking to fund:
The TSEG will provide grants to support the growth of new and existing social enterprises in Torbay, develop a more inclusive economy, and create greater social value locally through businesses giving back to society. Specifically, this means grants can be used for;
- The creation of new trading social enterprises with the aim of them becoming financially sustainable and profitable businesses that will reinvest surplus revenues back into the local area
- Existing social enterprises which are looking to expand (jobs, entering new markets, or the development of new products or services)
- Existing businesses which are looking to become social enterprises
Criteria:
- Located in Torbay
- A trading entity which generates, or will generate, revenues through commercial activities
- Can show that the funding will increase its financial sustainability from trading over the next two years
- Be constituted using one of the following legal forms:
- Community interest company (whether limited by guarantee or shares)
- Community benefit society (including a charitable CBS)
- Co-operative society
- Company limited by guarantee, provided its objects are for social or environmental benefit, or it is the trading arm of a charity
- Charitable incorporated organisation, provided it trades as a way of fulfilling its charitable objectives
- Must demonstrate that the business does/ will provide a direct tangible benefit for the local community or by reinvesting surplus revenues back into the area.
- Help Torbay or its residents or both to thrive, for example by:
- Addressing poverty or inequality
- Helping children or older people
- Increasing the opportunity for people to secure good quality, well paid jobs, or affordable housing
- Contributing to a vibrant arts and cultural offer
- Celebrating or enhancing the built and natural environment
- Align with Torbay Council’s Climate Change Strategy
- Aligns with the ambitions of Torbay Council’s Community and Corporate Plan
- Support the creation of new jobs
Indicative funding allocations and criteria:
| Indicative funding value | Expected outputs |
| £0 – £2.500 | Creation of one new social enterprise or support the growth of an existing social enterprise |
| £2,500 – £7.500 | Creation of at least 1 new job |
| £7,500 – £10,000 | Creation of at least 2 new jobs |
These are indicative funding allocations against expected outputs. Each application will be assessed on a case-by-case basis and the quality of the activities proposed.
As part of Torbay’s Community Wealth building approach the Torbay Social Enterprise Research 2021 report was commissioned. This was to map out the local social enterprise (SE) sector and provide an evidence base to help shape the development of future projects and understand opportunities to strengthen plural ownership in the economy.
The report helps us to:
- Understand the challenges which face local SEs
- Barriers to the sectors growth
- Provide recommendations on the types of support to address the identified barriers and challenges identified.