S’Moe from grant partner Good Cycles, a Melbourne-based bike and maintenance social enterprise creating jobs for young people at risk of disengagement.
Westpac Foundation has awarded a total $400,000 to three social enterprises estimated to create 189 new jobs over the next 12 months for people facing barriers to work.
Funding will be awarded through the Foundation’s Social Enterprise Grants Program:
- Good Cycles will receive $300,000 over three years
- Fruit2Work and Free to Feed will each receive $50,000
Westpac Foundation CEO Amy Lyden said the funding will help support these organisations to reach their next stage of growth.
“COVID-19 has impacted these social enterprises in a range of ways over the last few years, but they’ve all been able to develop clear strategies to reset and scale.
“They’re now in a position to scale their operations, become investment ready, and increase their revenue from trade.”
Grant recipient Good Cycles is a Melbourne-based social enterprise that operates a number of businesses including retail bike stores and servicing, car cleaning, micro mobility (bike sharing) and asset management, all to create sustainable employment for young people who are at risk and struggling to find work.
The three-year funding will help Good Cycles prepare for investment to access finance for their future growth plans.
“Since our first Westpac Foundation grant in 2018, Good Cycles has experienced huge growth, expanding our business and more than tripling our size,” said Good Cycles CEO Jaison Hoernel.
“The next stage of our growth will see us working closer with the communities we aim to support. Our aim is full financial independent of philanthropic funding by FY25 and this grant will support our capacity to achieve that growth.
“Ultimately this means we’ll be able to provide even more employment opportunities to young people like 20-year old Josh, who joined Good Cycles after a long period of unemployment, mental health challenges and contact with the justice system. Josh has now been working with Good Cycles for a year and with the benefits of stable employment he has built his job readiness skills and achieved some important life goals. Josh is just one of the hundreds of young people we are able to support by helping them gain the skills and confidence needed to enter the mainstream job market.”
Lyden said Westpac Foundation’s funding is amplified through a collaborative funding approach with other philanthropic organisations.
“We’ve partnered with seven like-minded funders who, like us, believe we can help create long-term sustainable change through job creation.
“Together they will provide Good Cycles an additional $4 million over three years.”
Hoernel said the collaborative funding model has been a game-changer for Good Cycles.
“Sourcing funding, maintaining funder relationships and meeting multiple reporting requirements can be incredibly labour intensive for not-for-profit organisations.
“Bringing those funders together and aligning to a shared vision has streamlined this process for us, not only creating more time to focus on delivery, but to innovate and share best practice together.”
In addition to funding, all grant recipients will have access to non-financial support including skilled volunteering from across Westpac Group and tailored capability programs.