Accomplishments of raiSE Since Inception and Support for Social Enterprises in High Interest Rate Business Environment

Mr Melvin Yong Yik Chye asked the Minister for Social and Family Development (a) what does the Ministry consider to be the key accomplishments of the Singapore Centre for Social Enterprise (raiSE) since its inception in 2015; and (b) how does raiSE plan to better support social enterprises to scale amidst the current high interest rate business environment.

Since its inception in 2015, Singapore Centre for Social Enterprise (raiSE) has supported Social Enterprises (SEs) through capacity-building programmes, networking platforms and provided funding of over $16 million to more than 200 SEs.

As a result of these efforts, the collective revenue of raiSE's members has also grown from $179 million in 2020 to $216 million in 2022. In 2022, raiSE members employed over 1,000 individuals, which include persons with disabilities and lower-wage workers, and provided $15 million in subsidies to support the disadvantaged or build capacity for social services agencies.

Social enterprises, like many other businesses, may face challenges in the current operating environment. raiSE will continue to support social enterprises to scale through its accelerator programme. To date, about $900,000 in funding has been given to 18 social enterprises, which went on to attract an additional $1.4 million in follow-on funding from private sector investors.

All business owners, including social enterprises, can also visit the GoBusiness portal (gobusiness.gov.sg) for more information on other Government schemes available. For example, social enterprises can also apply for the Productivity Solutions Grant that provides financial support for business to adopt pre-scoped IT solutions, equipment and consultancy services to improve productivity.