Government unlocks £150 million for coronavirus response
The Culture Secretary announced yesterday that £150 million from dormant bank and building society accounts is to be unlocked to help charities, social enterprises and vulnerable individuals during the coronavirus outbreak.
This includes accelerating the release of £71 million of new funds from dormant accounts alongside £79 million already unlocked that will be repurposed to help charities’ coronavirus response and recovery.
The funding will support urgent work to tackle youth unemployment, expand access to emergency loans for civil society organisations and help improve the availability of fair, affordable credit to people in vulnerable circumstances.
Of the £150 million:
- £10 million will be brought forward for the Youth Futures Foundation to help organisations who support unemployed, disadvantaged young people across the country into jobs.
- £45 million will be deployed by Big Society Capital to allow better access to investment including emergency loans for charities, social enterprises and some small businesses facing cash-flow problems and disruption to their trading following the coronavirus outbreak.
- The demand for affordable credit is expected to rise substantially in light of the coronavirus outbreak. Fair4All Finance will use £65 million to support affordable credit providers to increase access to fair, appropriate products and services for those struggling financially, providing them with an alternative to high cost loans.
- £30 million will go to Access – The Foundation for Social Investment who will support social enterprises helping people in vulnerable circumstances.
In addition to this funding, the Coronavirus Community Support Fund, distributed by The National Lottery Community Fund, will open for applications this Friday, 22nd May.
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