The Fund aims to provide strategic support for Welsh community re-use and recycling enterprises that need help to grow their business operations. It will be independently administered by the Charity Bank in Wales.
£2 million of the fund will be allocated as business loans. A further £1 million will be used to provide grants for business development.
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Jane Davidson said: "It is important to stress that this fund is intended to build capacity in Social Enterprises for the future. I want to see a strong and thriving Social Enterprise sector that can stand on its own two feet. I hope and expect to see Social Enterprises winning contracts across Wales."
Malcom Hayday, CEO of the Charity Bank said: "We are very pleased to have been chosen by Cylch to oversee the administration of this fund. The money from the Assembly represents a significant step to build sustainable social enterprises across Wales. The loans are about meeting the business needs of the borrower to ensure their long term viability rather than providing a temporary crutch. This is an exciting new way of doing business in a sustainable and socially responsible manner and we look forward to working with this rapidly developing sector."
(CD/JM)
