www.pobal.ie.

Dormant Accounts Fund
The Dormant Accounts Act 2001, together with the Unclaimed Life Assurance Policies Act 2003 and the Dormant Accounts (Amendment) Acts 2005-2012, provide a framework for the administration of unclaimed accounts in credit institutions (i.e. banks, building societies and An Post) and unclaimed life assurance policies in insurance undertakings.

The legislation introduced a scheme for the disbursement of funds that are unlikely to be reclaimed, but only for the purposes of programmes or projects to assist:

• the personal and social development of persons who are economically or socially disadvantaged;
• the educational development of persons who are educationally disadvantaged;
• or persons with a disability.

Social Enterprise
A Social Enterprise is defined as ‘An enterprise that trades for social/societal purpose, where at least part of its income is earned from its trading activity, is separate from Government and where the surplus is primarily re-invested in the social objective.’ - Forfas: Social Enterprise in Ireland, Sectoral Opportunities and Policy Issues, July 2013

The key objective of a social enterprise is to attain one or more social objectives, with any profit/surplus seen as the means to ensure sustainability. 

The Social Enterprise measure under the Dormant Accounts Fund will support social enterprises that provide services to, or employment opportunities for, disadvantaged people, particularly in rural areas. 

Funding is available for capital costs and capacity building supports. Capacity building grants are only available as part of an application for capital costs.

The eligible costs will generally fall under the following categories:

• Machinery and specialised equipment (new machinery and replacements or upgrades are eligible for consideration),
• Refurbishment costs (e.g. an extension of a workspace),
• Supports to build organisational capacity in the areas of management skills, governance, marketing and sales, and business strategy.

The maximum grant available for capital costs is €75,000 and the minimum grant is €20,000.

The maximum grant available for capacity building supports is €7,500 and the minimum grant is €1,000.

All applicants must provide co-funding.  The minimum amount of co-funding required is 20% of the total cost of the project.

Details of the measure and the application process will be available from tomorrow on Pobal's website, www.pobal.ie.