15/07/10
By Andrew Holt
Minister for civil society Nick Hurd has confirmed that the Big Society Bank will be a wholesale provider supporting organisations that are already providing finance to the sector.
Hurd made the announcement at an event organised by Information Exchange and UnLtd, the charity supporting social entrepreneurs.
Hannah Terrey, head of public affairs and policy at the Charities Aid Foundation, welcomed the announcement.
“We have been calling for the Big Society Bank to be a wholesale bank for existing providers and this was one of the key points in our consultation response so we’re delighted that Nick Hurd has confirmed that this will be the case.
"By working with existing independent intermediaries who are in it for the long-term such as Venturesome, the Big Society Bank can provide a lasting legacy, ensuring investment will be available to charities and social enterprises for years to come."
Though Terrey added: “However, until the Bank is open, there will be charities seeking investment that will have been affected by the recent announcements that two of Social Investment Business’s government-backed funds have been suspended.
"This comes at a time when the Big Society agenda is offering charities and social enterprises a greater role in supporting communities.
"Alternative providers like Venturesome have funds available to invest at present, but given the likely demand additional funds cannot come into the social investment sector soon enough.”
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