Ideas & Opportunities

The Poverty Reduction through Social Entrepreneurship (PReSEnt) Coalition of the Philippines organized a round table discussion entitled, “Why Buy SE?” in line with their campaign to increase awareness on social enterprises in the Philippines.

Supporters of the campaign gathered together to share their ideas on how they can effectively promote and encourage more buyers for SE businesses.

A social enterprise (SE) is an enterprise with a social mission. SE businesses do not only focus on their financial benefits rather it pushes them to achieve multiple bottom lines such as economic, social, and environment. Social enterprises mainly aim to reduce poverty by making the poor people the primary stakeholders. This can be achievable by encouraging the poor and the powerless to engage and actively participate in the creation of sustainable and local economies. Being said so; the poor people are given equal chances in creating their own businesses and managing their own resources.

One of the organizations who actively support the Social Enterprise Campaign is The Foundation for a Sustainable Society (FSSI). This organization is grounded with their vision of having a sustainable community and giving empowerment to those who live in it. It also aims to maximize each community’s resources and showcase the diversity of each culture. The FSSI stands with a mission of becoming a sustainable resource institution that is committed in helping and encouraging every poor Filipino community to participate in building a local economy.

The group does this through providing financial services and grants to social enterprises with triple bottom lines and giving to those who ask for support enhancements for entrepreneurial capacities. The FSSI also tries to reach out to policymakers to advocate their key development thrust. Some of those include providing policy support for social enterprises, utilizing climate change adaptation and mitigation, and promoting sustainable natural resource management and production.

The general eligibility for applying a loan includes the following:

1.       Cooperatives and cooperative federations

2.       SMEs registered as stock corporation

3.       SMEs registered as partnership or single proprietorship

4.       Community Financial Institutions, that includes cooperatives, cooperative federations, cooperative banks, NGOs, and rural banks which are providing financial services in marginalized communities

5.       Non-Government Organizations (NGOs)

6.       Peoples’ Organizations (POs)

The FSSI accepts applications throughout the year. An application should submit proof of legal, juridical personality based on Philippine laws; describe their track record, and documents pertaining to their financial condition. Once submitted, the FSSI will conduct a project appraisal and will undergo the following steps; desk review, field visit, and meeting with the proponent. The appraisal report will then be reviewed by FSSI’s Development Services Unit en banc and will be presented to pertinent bodies for review and final approval. After which, notice of approval is sent to proponent and documentation of contract starts.

For more details regarding FSSI’s social enterprise investment fund, visit their website to get more details.