The Government is keen to see the growth and development of social enterprises and has introduced a new scheme to encourage entrepreneurs to set up this type of operation.
The Community Interest Companies (CIC) scheme will provide easier access to grants and funding for these organisations. Community Interest Companies is a new name for a company whose business purpose is socially motivated. This might include a business that employs disadvantaged people, or offers a recycling service.
CICs will be clearly branded as social enterprises, and will have access to sources of funding and grants aimed at social enterprises.
Those wishing to establish a CIC will need to pass a 'community interest test', and will also be subject to 'asset lock', to ensure that their assets and profits are dedicated primarily to the interests of the community.
For further information on the scheme, visit the Community Interest Companies website at http://www.dti.gov.uk/cics/.
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