£90 Million Funding Boost for Futurebuilders (22/03/2005)
27.04.2006
The Home Office today announced £90 million of additional funding in Futurebuilders, the investment fund for the voluntary and community sector.
Futurebuilders provides long-term investment in voluntary and community organisations that are capable of delivering public services. The new injection of capital brings the total size of the Futurebuilders fund to £215 million. It will allow the fund to continue to provide loans and grants until 2008, with Futurebuilders intending to make up to 150 investment offers each year.
In February, Futurebuilders announced its initial 15 investment offers from the first round of applications and a further 100 investments are expected by the summer. The second application window opens on 1st June. Futurebuilders is updating its website and online application process to support organisations that are interested in applying for investment. The new website, at www.futurebuilders-england.org.uk, will launch on 5th April and contain a wealth of information and tips about applying.
Richard Gutch, Chief Executive of Futurebuilders, said: “This new investment is a great vote of confidence in the voluntary and community sector. It is a clear sign that voluntary organisations are trusted to deliver excellent public services and that Futurebuilders is trusted to help them achieve their goals.
“We support the vision of a robust and self-sufficient voluntary and community sector, which both complements and invigorates our public services. The additional investment in the Futurebuilders project will help us turn this vision into a reality.”
Charities Minister Fiona Mactaggart MP said: "The Futurebuilders fund aims to overcome the lack of investment which holds back voluntary and community organisations from fulfilling their potential to change peoples' lives for the better by transforming services to the public. Today's announcement of a further £90 million over the next two years demonstrates the faith this Government places in the skills, passion and innovation such organisations bring to solving society's challenges, and our commitment to building secure and stable funding so that they can continue to use their talents."