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Extra funds for Big Society Bank is very welcome news – The Social Investment Business

Responding to the government’s announcement today that banks will be contributing £200 million to the Big Society Bank which is due to launch later this year, The Social Investment Business Chief Executive Jonathan Lewis said:

“Today’s announcement is a very welcome move which ensures that when the Big Society Bank opens for business it has significant funds to lend.  Just like for SMEs, there is huge appetite from civil society organisations all around the country for more access to loan finance.

“Healthy coffers in its opening months is only the start.  This isn’t just a bank that’s being created – it must be a champion for the idea of social investment and kick start transformative growth in the social investment market with new financial products and a new attitude to sector funding.

“The Big Society Bank represents an important move towards recognising that charities, social enterprises and voluntary organisations are more than capable of taking on loan finance. Treating them more like the social businesses they are will allow them to plan strategically and become more financially sustainable.”

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1. For further information or interviews, please contact The Social Investment Business press office:

Liz Banks - 0207 842 7726/ 07809 504072  liz.banks@socialinvestmentbusiness.org

Nicola Jones - 0207 842 7755 nicola.jones@socialinvestmentbusiness.org

2. The Social Investment Business, the fastest growing social investor in the UK, exists to help social enterprises, charities and community organisations do more of what they do best – supporting people and communities most in need. We help organisations prosper by providing innovative financial solutions, business support and long term strategic thinking.

www.thesocialinvestmentbusiness.org @TheSocialInvest

3. The Social Investment Business manages Government funds on behalf of the Office for Civil Society, the Department of Health and the Department for Communities and Local Government, with over 1,000 active investments. These range from £3,600 to help a small organisation bid successfully for a public sector contract, to £6.7million to help a large national charity establish and develop innovative new services for children and young people.

 



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