27/01/10

By Andrew Holt

The Social Investment Business is closing the Futurebuilders Fund to new applicants following huge demand from the third sector for social finance.

The Social Investment Business has been receiving £60-90m worth of enquiries over recent months.

Stephen Bubb, chairman of The Social Investment Business, said: "The Futurebuilders Fund has confirmed the sector's appetite for affordable loan financing - even in these challenging economic times. Futurebuilders has shown what can be achieved through social investment. Now it's time to get cracking and set up The Social Investment Bank."

Jonathan Lewis, CEO of The Social Investment Business, added: "We now have a proven model that can deliver social investment on a large scale, investing for social as well as financial return.

"The Social Investment Business wants to see billions more brought into the sector. We will build on our success in attracting money from private as well as public sources, so that we can help more charities and social enterprises do what they do best - support the communities and individuals most in need."

Through loans, grants and business support, the Government Fund has strengthened hundreds of third sector organisations, including charities and social enterprises. It has built the capacity of organisations large and small, improving their capacity to deliver public services.

Since the Futurebuilders Fund was established in 2004, it has received thousands of applications and made over 370 investments, leading to over 230 public sector contracts worth over £46.2m in the first three Quarters of 2009 alone.

While reviewing existing commitments and applications the Futurebuilders Fund will not be accepting new applications.

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