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New fund to help the third sector through recession Return to News
The Modernisation Fund was launched as a key part of the Government’s action plan for the third sector ‘Real Help for Communities: Volunteers, Charities and Social Enterprises’. The fund will help organisations become stronger and more resilient to the impact of the recession. It will comprise a mix of loan and grant funding.
Futurebuilders will offer loans to larger third sector organisations with a turnover of £750,000 and over. These loans will focus primarily upon mergers, and activities related to the financial and capacity issues associated with these. Loans will be offered between £30,000 and £500,000 and will be at 0% for up to 5 years. Repayment holidays for the first 12 months of the loan will be considered where appropriate.
Futurebuilders will be inviting applications for loans from early April 2009 for a period of one year. Funding will be targeted at viable third sector organisations and will seek to offer funding to obtain specialist advice, guidance and development.
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