|
THOUGH quite a few businesses funded by the ComCare Enterprise Fund (CEF) have gone bust, several are doing well.
Among the 47 still in business is Bridge Learning, which runs early intervention programmes for children with mild learning difficulties and disabilities. Bridge, which supports having such children do their learning in mainstream schools, was formed by Ms Areena Loo, a former Ministry of Education learning support coordinator and teacher-counsellor.
She saw a gap between what special schools and mainstream schools provided for such children, and started the business in 2003. It received $130,000 seed funding in 2004 from the CEF, which was then known as the Social Enterprise Fund. Ms Loo pumped in another $160,000 from loans.
The social enterprise started with two staff and had to keep a keen eye on costs. With no budget to advertise its services, they photocopied flyers and went door to door to pitch their programmes, said Ms Loo.
By keeping a tight lid on finances and being familiar with the needs and demands of the sector, the business broke even in 13 months.
It now has over 200 enrolled in its programmes, a staff of 22, and pulled in a revenue of $820,000 last year.
As a social enterprise, it keeps its pricing competitive, giving subsidies to needier families requiring its services.
It also ploughs about 20 per cent of profits into other social causes, like a microfinance programme in Myanmar.
To Ms Loo, the formula for success was simple: 'You have to be very cost-sensitive, you have to scrimp and save.'
This article was first published in The Straits Times.
| 
