22 Aug 2011

Charities could benefit from £10 million Big Society fund

Filthy LucreThe Minister for Civil Society, Nick Hurd, has announced that a £10 million fund is being made available to charities and social enterprises to help them win more capital investment and public service contracts. The Investment and Contract Readiness Fund will operate for three years and will open in April 2012. According to the Cabinet Office, the money will ‘help organisations develop the right skills, the right systems and the right attitude so that they are ready for investment and in a stronger position to win public sector contracts.’ It is just one of a number of initiatives that are designed to help civil society organisations play a bigger role in public service delivery. As well as helping win public service contracts, social enterprises will also have more access to capital investment through the Big Society Bank, when it opens for business. Nick Hurd said: “We are creating new opportunities potentially worth billions of pounds for charities and social enterprises. By enabling all sectors to compete for contracts on a level playing field, citizens and communities will benefit from greater choice and more responsive services.”

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