The government has set aside HK$50 million (US$6.45 million) for the first batch of grants to the Social Innovation and Entrepreneurship Development Fund managed by the Commission on Poverty, the Hong Kong Economic Journal reported Thursday.
Four non-government organizations, namely the Hong Kong Council of Social Service, PolyU Technology & Consultancy Co. Ltd., Sow Asia Foundation and the Yeh Family Philanthropy Ltd., will receive the financial assistance.
They were selected out of more than 40 proposals aimed at alleviating poverty and other social problems.
The selected projects include a proposal to subsidize tertiary institutions to open more courses on charity entrepreneurship and philanthropic investment.
Under the program, about 300 students will be trained on social entrepreneurship, which they could apply after graduation.
Applications for the second batch of grants are under review. Funding criteria include content and possible impact of the projects, expected number of beneficiaries as well as experience and ability of the organizations.
Kee Chi-hing, a member of the committee supervising the fund, said based on experience, each dollar of government subsidy can generate HK$4 to HK$7 of revenue in social enterprise.
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