SINGAPORE - Social enterprises in Singapore can now tap into $30 million of funding over the next five years.
The money will be disbursed as grants and investments to help social enterprises grow.
The funding, from the Ministry of Social and Family Development and Tote Board, will be administered by a new centre, the Singapore Centre for Social Enterprise (raiSE).
The centre was officially opened on Wednesday by President Tony Tan Keng Yam, who said it will "coordinate efforts to provide support to these enterprises to create a social impact".
Social enterprises in Singapore often face challenges in the areas of talent, business knowledge and funding, said Dr Tan.
So, raiSE will not only disburse funding but also provide resources such as mentoring and encouragement for those in the sector to share information.
Social enterprises will also have access to an incubation hub with business facilities in Raffles Place and a shared office space in Holland Drive, provided by City Developments Limited and Singapore Pools.