More than 7000 Jobs to be Created by Lloyds Bank Social Entrepreneurs
Tuesday, July 5th, 2016 By
A 5 year Lloyds Bank Social Entrepreneurs programme will have supported over 1300 social entrepreneurs by 2017, creating over 7000 jobs and supporting over 1.1 million beneficiaries in the process.
With the Lloyds Bank Social Entrepreneurs Programme entering its fifth year, recent research commissioned by the BIG Lottery Fund demonstrates the programme has had a positive social impact on people, businesses and communities. Key findings include the forecast of over 7,000 jobs being created and over 1.1 million beneficiaries being supported as a direct result of social entrepreneurs who have participated in the programme.
The Lloyds Bank Social Entrepreneurs programme, which launched in 2012 in partnership with SSE and BIG Lottery Fund, has supported over 1,000 social entrepreneurs to date. There was a significant uplift in applications this year (27% increase), as the programme’s reputation builds and social entrepreneurs recognise the benefits of practical learning, an assigned business mentor from Lloyds Banking Group, and a financial grant.
The Social Entrepreneurs programme plays a central role in Lloyds Banking Group’s Helping Britain Prosper Plan, which outlines the Group’s commitment to help businesses of all types and sizes to prosper, by offering them the funding, the support and the encouragement they need to grow at home and abroad.
Creating local impact
Social entrepreneurs on the programme add value to their local communities, with:
- 84% recruiting employees from the local labour market
- 59% recruiting employees who tend to be disadvantaged in the labour market
- 73% ‘buying local’
- 89% reinvesting their profits or surplus for social or environmental benefit
- 60% ‘buying social’
A current student on the programme, Sarah Sutton, who leads Samba drumming workshops for all members of the community through her enterprise Boom! and as part of the Whitley Bay Community Carnival Team, said: “As part of the Lloyds Bank Social Entrepreneurs Programme, I am developing additional skills which will help me get Boom! off the ground. I have benefited greatly from being part of a community of people with similar goals and learning from their experiences and have had the opportunity to work with a dedicated business mentor from the bank.”
Jo Harris, Managing Director of Retail Business Banking, Lloyds Banking Group, recognised the positive impact of the programme, saying “We have always believed that social entrepreneurs make a significant contribution to their communities, society and the economy, so we are not surprised to see the research evidence such a positive impact. With our ambition to Help Britain Prosper, making a positive difference to people, businesses and communities, Lloyds Bank is proud to support social entrepreneurs as they start up and scale up.”
Alastair Wilson, CEO of the School for Social Entrepreneurs, said: “The Lloyds Bank Social Entrepreneurs programme provides vital support for individuals who are using entrepreneurial approaches to tackle complex social problems. As evidenced by the increased demand for the programme this year, more and more entrepreneurs are considering adopting a social enterprise model. This can only be a good thing for society.”
To find out more about the programme, please visit www.yourideastartshere.co.uk.
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