Ahead of the 2023 Social Enterprise Day, Paul Howell MP met with local social enterprises during an event in Westminster this week.
The event was hosted by Big Society Capital and Access – the Foundation for Social Investment and was attended by dozens of MPs and Peers from all parties and focussed on recognising the unique contribution made by community groups, community businesses, social enterprises and charities. The event highlighted how these organisations create jobs and boost the local economy while addressing costly social problems, reducing the burden on public finances.
There are more than 100,000 social enterprises in the UK contributing an estimated £60 billion annually to the economy and employing around two million people. New figures from Social Enterprise UK show that UK social enterprises generate £1.2 billion profit, meaning they can reinvest £1 billion to help people and profit.
Around 150 guests attended the event in the Houses of Parliament including representatives from community groups, community businesses, social enterprises and charities as well as Government, representatives from the media and funders.
Attendees heard from local social entrepreneurs about their experiences of running social enterprises. Many of the social enterprises who attended the event have utilised social investment to help scale - very often because mainstream banks will not consider them. Many highlighted the need for ensuring organisations can access the finance they need to sustain or grow their impact and the role of specialist finance in the form of social investment, blended finance, enterprise grants, and other non-profit community lenders, particularly in underserved places and communities.
Paul Howell MP said: “I was delighted to see so many faces in Parliament banging the drum for community-led change. Community enterprises have huge potential and make a valuable contribution to our local area, delivering solutions to a wide range of social, economic and environmental challenges.”
The reception was hosted by Jo Gideon MP, Chair of the All-Party Parliamentary Group for Social Enterprise. Speaking ahead of the event, she said: “We want everyone to know that community enterprises across England are changing lives and communities. Like businesses, they need capital to grow so they can have greater impact and help more people in their local communities. These vital organisations often struggle to access finance from mainstream lenders, and we can go much further in terms of ensuring they can access the finance they need to thrive.”
