Social enterprises in Wales now have the opportunity to apply for a package of finance and support aimed at transforming their business as well as supporting their local community.

Successful applicants will be offered an interest free loan of between £10,000 and £30,000, mentoring from corporate supporters and access to a bank of experts.

The multi-award-winning Social Enterprise Assist (SE-Assist) scheme, first piloted in Brighton & Hove in 2012, connects local social enterprises with larger companies in the local area and as a result injects prosperity into local communities.

Leading insurer and Welsh employer Legal & General has provided the funding to help social enterprises get off the ground, thrive and drive regeneration in Wales.

The SE-Assist fund sits alongside Legal & General’s recent £400m investment into Cardiff’s Central Square property redevelopment project, the largest investment of its kind ever made in Wales.

The Welsh Government has committed to a secondment to support the development of the fund in Wales.

Founding partners the Welsh Co-operative, Business in the Community Cymru, the Institute of Directors, and the Charities Aid Foundation have joined forces to develop and launch SE-Assist in Wales.

Businesses interested in more details and how to apply can find out more on the SE-Assist Wales website at https://se-assist.co.uk/wales/. Applications open on January 29, 2016.

Derek Walker, chief executive of the Wales Co-operative Centre, Wales’ national body for co-operatives and social businesses, said: “The number of social enterprises in Wales has grown rapidly in recent years, with 19 per cent of social enterprises established within the last three years and a prevalence of social enterprises in the leisure, education, environment and health sectors.

"However, mature social enterprises are more like to receive donations or to trade with the public sector than young social enterprises, with organisations commonly citing lack of access to finance and cash flow issues as barriers to sustainability. The SE-Assist Wales fund is welcomed by us because it exists to plug this gap in support to help fledgling social enterprises get a sustainable footing within their sector and access growth opportunities.”

Graham Precey, head of corporate responsibility at Legal & General, said: “Legal & General is pleased to bring this award winning new Social Enterprise Assist fund to Wales. So far, compared to the other regions where we’ve provided this fund to in Croydon and Sussex, we’ve been hugely impressed at the amount of social impact and job creation that social enterprises have the potential to create here in Wales."