The two fund managers will bring their money and expertise to the program, matching the Government’s contribution and working to create a new market for social impact investment in Australia.

Minister for Employment Participation Kate Ellis announced $6 million has been awarded to Foresters Community Finance with a further $6 million to be provided by Foresters’ investment partner Christian Super Fund.

Foresters have a history of providing community finance and social investment strategies in Australia and will use the allocated funding to create financial products and initiatives for social enterprises nationwide.

Minister Ellis said the Government was committed to helping social enterprises prosper in recognition of the positive employment, social and environment impacts they could achieve.

“Access to appropriate finance at the right time, in combination with sound business and investment advice, is crucial to the growth of social enterprises and their ability to provide work and training opportunities,” Minister Ellis said.

CEO of Foresters Community Finance Belinda Drew said SEDIF will allow social enterprises to access capital and business expertise at a greater scale than previously seen in Australia and that Foresters Community Finance is excited to be a part of the initiative.

“This program is an unprecedented initiative for Australia with significant scope for changing the social impact investment market. For those of us committed to aiding social enterprises and making them sustainable and investment attractive, this is a very exciting time.”