PLANS to invest in the region’s social economy, putting human and environmental wellbeing at the heart of its activity, have been welcomed by West Midlands Mayor Andy Street.
The plans were developed in response to recommendations made by the Social Economy Taskforce, which asked the West Midlands Combined Authority (WMCA) to develop a plan for doubling the size of this sector in ten years.
The region has been hit hard by the Covid pandemic, and many of its community-focused organisations and businesses have been similarly impacted, facing lower turnover and a furloughed workforce whilst still supporting our communities.
These organisations and businesses – referred to collectively as the ‘social economy’ – use their profits to achieve positive community and environmental impact.
Recognising that they also offer some of the best routes to the region’s recovery from Covid, the WMCA has worked with the sector to develop a four-point plan to build the social economy back stronger than before, for the benefit of all.
Launching now ensures the actions pledged to the Social Economy Taskforce are relevant to the needs and challenges of today.
‘Growing the social economy in the West Midlands’ sets out four key areas for action, which the Combined Authority was keen to test with local partners and build into a plan for delivery.
These are:
1) Working with new and existing funders to support growth in social enterprises and community businesses.
2) Business support and advice through an accelerator programme to encourage rapid growth of social enterprises, from start-up companies through to more established organisations.
3) Establishing social economy clusters across the region – clustering of sector-specific businesses has been proven to help build economic growth and resilience.
4) Directing WMCA investment plans towards supporting schemes that can help increase growth among social economy businesses.
“The social economy may not be one that many people are familiar with, but it is a vital part of our region’s overall economic success,” said Andy Street.
“These are businesses and organisations that apply all the expertise and skills that one might expect from traditional commercial companies, but in a way that prioritises social impact.”
