Futurebuilders celebrates 100 investments (20/01/2006)

18.04.2006

Over 100 voluntary organisations across England have been approved for a Futurebuilders investment and have moved closer to delivering more public services and becoming sustainable. Today’s latest figures show that 102 organisations have benefited from £36 million worth of loans and grants, helping them improve services in five key areas, including education and learning, and heath and social care.

There are signs that Futurebuilders’ policy of supporting organisations through the process is bearing fruit. Already two projects that were not ready for full investment packages last year, but were given development grants to build their capacity and develop their business plans, have just been approved for a full loans and grants package of over £150,000 each. A further 12 ‘development grantees’ are currently being assessed for loans and more will follow.

In less than a year, the Ariel Trust, a radio training agency for young unemployed people in Merseyside, has progressed from a £14,000 development grant to a full investment comprising £120,000 loan and £50,000 grant.  The package will help them expand their radio training across the North West of England and enable young people to participate in media coverage of Liverpool European Capital of Culture 2008.

Ariel Trust Director Paul Ainsworth said, “The Futurebuilders loan has enabled us to secure our future. The initial grant from Futurebuilders was used to build capacity and this latest loan will be invested in core staff and training – so we can go and meet new customers, generate income and reach more young people. Until now we have depended on European Social Fund money, which is limited.  Working with Futurebuilders has been a useful learning experience. From writing a business plan we realised that our expertise in working with young people was a valuable resource, and that we could provide this service to Local Education Authorities and schools through contracts that covered our costs. Although our trustees were initially concerned about taking on a loan they were won over by Futurebuilders’ in-built safety mechanisms.”

Richard Gutch, Futurebuilders’ Chief Executive said, “We are delighted to have helped over 100 charities move closer towards sustainability, expansion and achieving their long term goals though loan finance. The fact that charities who were awarded grants are now returning and getting full loans shows that our investment approach can work. The initial grants have enabled them to build capacity and develop business plans so they are in an excellent position to win contracts with purchasers to deliver public services."

ends

Futurebuilders will reopen for more applications in May 2006. Those wishing to find out more should look at www.futurebuilders-england.org.uk