Big Society Bank

The Big Society Bank will ensure that all the money from dormant bank accounts made available to England is put to good use for the benefit of society. By expanding the social investment market place and helping to attract extra private sector investment it is expected that over time the Bank will generate hundreds of millions of pounds for charities, social enterprises and voluntary groups to fund social projects across the country, creating opportunities for social action and community involvement. As a wholesale organisation, the Bank will invest in financial intermediaries in the social investment market, who in turn will increase access to finance for frontline, social organisations.

The funds from the dormant bank accounts will enable us to start stimulating activity where there is none and also help existing charities, social enterprises and community organisations to make changes in their local areas.

The funds from the dormant bank accounts will enabletheGovernmentto start stimulating activity where there is none and also help existing charities, social enterprises and community organisations to make changes in their local areas.

The Big Society Bank is expected to start with 60-100 m funds.

In talks with CAF Venturesome, Social Finance, Social Investment Business, Triodos , Charity Bank CDFA and Clearly So, the Government has suggested that Big Society Bank may not itself be a bank and that it may be wound up once its role of accelerating social lending has been achieved.

Website: http://www.cabinetoffice.gov.uk/newsroom/news_releases/2010/100719-bigsociety.aspx

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