Richard Gutch, its chief executive, launching the fund, said: "I am delighted that it's all systems go. The team has worked extremely fast to get us to this position today since the Futurebuilders consortium won the tender just before Christmas."

From today, the fund will accept applications for "investments" in the form of loans and grants of around £30,000 to several million pounds, which it hopes to make in around 250 organisations over the next three years. There are also a number of development grants of around £10,000, which will be allocated to "promising applications" that require further work.

Futurebuilders aims to improve voluntary sector public service delivery and is backed by the Home Office. A well as providing money, it will also offer skills training and support to enable voluntary and community organisations to take on public service contracts.

All applications to the fund will be processed initially through the www.futurebuilders-england.org.uk website.

The opening also sees a new chair at the organisation. Peter Wheeler has joined the fund, replacing the interim chair Geraldine Peacock, who stood down to take on a new role as chair of the Charity Commission. Wheeler is an investment banker who worked for Goldman Sachs for 15 years and now chairs IPValue Management, an intellectual property licensing company. He is a founder and trustee of New Philanthropy Capital and Charity Technology Trust and is also a trustee of Kids Company.

Gutch welcomed his appointment, saying: "Peter's extensive experience of investment banking, as well as his strong commitment to the voluntary and community sector will be of enormous value to us all."