Cabinet Office support fund helps charities and social enterprises win £115m in deals
A support fund launched by the Cabinet Office has helped charities and social enterprises win contracts worth more than £115m, Minister for Civil Society Rob Wilson has announced.
The Investment and Contract Readiness Fund, managed by the Social Investment Business, has helped 51 charities and social enterprises win deals using £4.5m in grants.
Deals include Steps to Work winning a £27m contract from Walsall Council with the help of a £91,600 grant, and City and Hackney Mind winning a £10m tender to become the lead provider of mental health services in the boroughs of Hackney and City of London.
The ICRF was set up as a three-year pilot programme in March 2012 to help social ventures secure investment and compete for public service contracts by providing grants to purchase support such as legal advice, financial management and bid writing.
Organisations looking to raise at least £500,000 in investment or win contracts worth £1m or more could apply for grants of £50,000 to £150,000 to purchase the support they need from a list of approved providers. Since launch the ICRF has made grants worth £13.2m to 154 ventures.