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Providing social entrepreneurs with support and training

SETUP will increase social enterprises’ access to capital and provide them with tools for communicating their value
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NEWS RELEASE
SOCIAL ENTERPRISE & ENTREPRENEURSHIP
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The Northern Regional ONE Social Enterprise Partnership (SEE) will launch a new peer-lending circle on Oct. 2, 2018 to assist social enterprises in the Sault Ste. Marie area with small capital loans and provide peer-based support.

Social Enterprise Training that Unites Peers - SETUP- is a partnership between NORDIK Institute, Algoma University’s community-based research group affiliated with the Community Economic and Social Development Department, the Community Development Corporation of Sault Ste. Marie and Area, and the Millworks Centre for Entrepreneurship, a division of the Sault Ste. Marie Economic Development Corporation.

Social enterprises have a mission to address social, environmental or cultural challenges by reinvesting profits back into their missions. Social enterprises take many forms, ranging from sole-proprietor businesses to cooperatives and not-for-profit organizations.

SETUP will increase social enterprises’ access to capital and provide them with tools for communicating their social, environmental or cultural value, while improving social entrepreneurs’ financial literacy. The Circle will also provide social entrepreneurs with a network of peer support and knowledge sharing.

Intake is currently open for workshops offered weekly from October to November. Throughout December and February, participants will draft business plans and help one another by collaboratively reviewing progress, troubleshooting questions or problems, and offering feedback, culminating with a final evaluation and reflection in March, 2019.

The objectives of SETUP are to provide social entrepreneurs with support and training so that after one year they will be able to repay a portion of the loans they receive through the circle; apply principles of financial accounting to their enterprise; seek additional funds through other lending or granting opportunities; demonstrate success in leveraging additional funds and how they plan to measure their social, environmental or cultural impact.

The Northern Region ONE Social Enterprise Partnership is comprised of NORDIK Institute, the Timmins Business Development Centre, Northwest Innovation Centre, PARO Centre for Women’s Enterprise, and YouLaunch, a division of the Sault Ste. Marie Innovation Centre.

Its goal is to help social enterprises develop the solid business fundamentals they need to start and grow; to develop regionally-tailored approaches to deliver training, mentorship, and other services to social enterprises; and to build the capacity of the Ontario Network of Entrepreneurs (ONE) members in their region to serve social enterprises and entrepreneurs.

NORDIK Institute is Algoma University’s community based research organization whose goal is to build Northern Ontario’s capacity to conduct research that contributes to social, economic and environmental justice in rural, Indigenous and northern communities and provides evidence for informed policy and decision making.

The Community Development Corporation of Sault Ste. Marie is a community-based, non-profit organization and a FedNor funded Community Futures Development Corporation.

It is dedicated to helping small and medium-sized businesses access services and capital, as well as enhancing the community economic and employment base through community-based planning and economic development initiatives.

The Millworks Centre for Entrepreneurship is a project of the Sault Ste. Marie Economic Development Corporation with support from the Ministry of Economic Development, Job Creation and Trade and the Ministry of Northern Development and Mines.

Millworks is committed to supporting businesses in the region and providing individuals the access to tools, education, mentorship and networking opportunities to assist with their sustainable development as business owners.

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