A £7 million COVID-19 fund for social enterprises has opened for applications in the North of Ireland.
Social enterprises are businesses which reinvest their profits for a social purpose.
The Department for Communities invested in the fund, which will be accepting applications for four weeks.
The primary intention is to help social enterprises “stabilise and manage cash flows over this difficult period”, said Communities Minister Carál In Chuilín.
Social enterprises differ from charities and voluntary organisations, which have no financial independence through a trading income.
In May, the executive faced criticism after a a £40 million Stormont grants scheme excluded sole traders and some social enterprises.
“The aim is to balance the urgency required to prevent closure of social enterprises and loss of employment and key services,” said Ms Ní Chuilín.
The minister said the fund would help ensure the sector was “fit for purpose for the future”.
“I would encourage all social enterprises, no matter how big or small, to apply.”
Grants of up to £75,000 will be available through the scheme, which was co-designed by Social Enterprise NI and Community Finance Ireland.
Colin Jess, director of Social Enterprise NI, said the fund would “provide much needed help and financial assistance to organisations”.
Community Finance Ireland chief executive, Harry McDaid, said: “The sector has suffered greatly these past six months and I welcome that steps are now being taken to mitigate these difficulties.”
