ICMIF member IPB Insurance has shared the significant results of the Social Enterprise Development (SED) Fund, a collaboration between the mutual’s local authority members and Rethink Ireland*, in an Impact Report for the Fund published by the two organisations. According to the Impact Report, a total investment of EUR 4.4 million by IPB Insurance and the Department of Rural and Community Development via the Dormant Accounts fund has empowered 130 Social Enterprises across Ireland. The report puts a spotlight on the key role played by social enterprises that are solving problems in communities and innovating to drive positive change.
Some of the key highlights of the report are:
- 130 social enterprises nationwide supported
- 219 jobs created
- 514 people supported into employment
- 407,827 recipients of services
The SED Fund provided cash grants, designated business supports, and placements on Ireland’s leading national Accelerator Programme. These supports were specifically designed to assist social enterprises in growing their social impact, developing their business models and scaling their innovations.
The six-year EUR 4.4 Million fund provided support to 130 social enterprises from all 31 local authorities in Ireland, awarding 72 cash grants; providing 72 business supports; running six accelerator programmes; and mobilising 16,641 volunteers.
The Social Enterprise Development Fund, created by Rethink Ireland in partnership with Local Authorities Ireland, IPB Insurance, and the Department of Rural and Community Development (DRCD), aimed to accelerate the local impact of social enterprises.
John Kearns (pictured above with Deirdre Mortell, CEO, Rethink Ireland), CEO, IPB Insurance, said: “Through our partnership with Rethink Ireland on the Social Enterprise Development Fund, we have invested in 130 social enterprises who are addressing their communities’ distinct challenges. Reflecting on the past six years of the Fund, we are incredibly proud of our unique partnership alongside our local authority Members, Rethink Ireland and the Department of Rural and Community Development. In particular I want to acknowledge the social innovation and ambition of all the awardees to making a real difference in their communities.”
Kearns continued: “At Rethink Ireland, their vision is to create a more inclusive, equal and sustainable Ireland because of social innovation. At IPB, we share this vision for a better Ireland and believe in backing social entrepreneurship to achieve real change in communities.”
Commenting on the report findings, Deirdre Mortell, CEO of Rethink Ireland, said: “Our goal for the Social Enterprise Development (SED) Fund was to strengthen social enterprises, enabling them to create a greater impact in their communities. At Rethink Ireland, we believe that social enterprises are a critical component of Ireland’s social fabric, both nationally and locally, solving problems in communities and responding directly to urgent needs.
“IPB Insurance’s investment in the sector has resulted in long-term impact by creating immediate and enduring change for social enterprises across Ireland who work primarily to improve the lives of people and communities, which directly translates to the communities they serve,” Mortell continued.
“We want to express immense gratitude for the partnerships that made this possible, particularly the unprecedented investment from IPB Insurance, Local Authorities Ireland and the Department of Rural and Community Development. Their commitment and determination to support Ireland’s social enterprise sector is unwavering,” she concluded.
Following the success of the Social Enterprise Development Fund and looking to the future, IPB Insurance’s next round of investment with Rethink Ireland is now underway with the ‘Start a Social Enterprise Business Course.’ Two hundred social enterprise founders have already participated in this course in 2022 and 2023 under the SED Fund. IPB says it will support the initiative across 2024 and 2025, enabling 100 more social enterprises to build a strong foundation and essential skills as part of this six-week online course.
Social enterprise organisations supported by the initiative
Anam Music Therapy – the organisation experienced huge growth through this fund, expanding their team and the services provided. Anam provides accessible music therapy services to those most in need in the community including in schools, daycare and respite centres, residential care and community units, hospitals and in people’s homes.
Lough Ree Access for All – the organisation recruited a business development manager through the fund which increased their trading income, public funding, and private philanthropy. This has also led to new partnerships. Lough Ree Access For All provides accessible boat trips, recreation and key supports to people with disabilities from all over Ireland, enhancing the physical and mental health of passengers who access the boats independently.
Education for Sustainability– The organisation provided climate literacy modules to 95 primary and post-primary schools across 11 counties in Ireland through the funding. Education for Sustainability is a dynamic social enterprise dedicated to elevating climate literacy and driving behaviour change throughout Ireland through equipping today’s youth with comprehensive education on the climate crisis, empowering them with the knowledge, skills, and tools to effect change and become influential stakeholders of the future.
* Rethink Ireland provides cash grants and business support to the social innovations that they believe can make a real difference. Rethink Ireland’s aim is to fuel these innovations with the knowledge and the advice they will need to succeed on a nationally impactful scale.
