Since the government has acknowledged social entrepreneurship’s potential to address social and environmental issues, the government provides various supports including financial and non-financial resources to fostering social entrepreneurship. However, previous research lags behind in illuminating the effects of government support for social entrepreneurship on the performance of social entrepreneurship. Using an integrated theoretical approach from resource-based view (RBV) and resource dependence theory (RDT), we argue that a social enterprise’s financial performance depends on the availability of financial capital derived from government support and the tenure of social entrepreneurship. We test our hypotheses on a sample of 258 observations from 80 social enterprises in South Korea. This study aims to contribute to the growing body of literature that examines the role of government on the performance of social entrepreneurship by providing a more nuanced account of the resource arrangement of social entrepreneurship. This study also can have a practical contribution especially for policy makers who aim to foster social entrepreneurship.