£10 million social investment fund announced by government

The Cabinet Office has announced a £10 million social investment fund, which will make it easier for charities to access capital investment and public service contracts.

Nick Hurd, minister for civil society, outlined the plans for the grant, which is called the Investment and Contract Readiness Fund, in an open letter yesterday (July 25th).

The main aim of the fund is to help charities and social organisations develop the skills and infrastructure needed to apply for an investment into a charity bank account or win public service contracts.

Mr Hurd wrote: "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."

The money will be provided by the Big Society Bank and it is hoped that the fund will help grow the social investment market, making more money available to charities and non-profit organisations.

A recent report by the WM Company found that the amount of charity investment made in the first half of 2011 increased by 2.7 per cent compared to the same period last year.
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