A new financial institution set up by the UK government to finance charities and community groups has been launched. Big Society Capital will have £600million, of which the majority comes from unused cash in bank accounts that had been dormant for more than 15 years.
The fund will back social enterprises that prove they can repay an investment through the income they generate. It will seek to connect social organisations to financial markets and to revolutionise the funding alternatives available to them. Most importantly it will provide new investment capital specifically focused on improving lives and supporting communities around the country.
The fund has already agreed investments worth £3.6m in a number of schemes including:
- Think Forward Social Impact, which helps young people into work and education; Franchising Works, which trains the unemployed how to run a franchise business.
- The Community Generation Fund, which supports the development of renewable energy infrastructure, such as solar panels and biomass boilers, for local communities.
Applications can be made at any time. Read more at: http://www.bigsocietycapital.com/