Big Society Bank part 3


Minister for Civil Society, Nick Hurd, has said that the Big Society Bank will open next spring with at least £60m. Hurd said that the bank “will be given some direction to invest in youth projects but in general it will respond to the marketplace.” Hurd also said that the Big Society Bank will not begin making loans until the  third quarter of next year – which would mean between 1 July and 30 September.

CYPNow has reported that Linda Jack, chair of the Liberal Democrats’ youth policy working group, said the government could be breaking legislation in the Dormant Bank Accounts Act 2008 if youth projects are not given priority.

It has also been announced that The National Endowment for Science, Technology and the Arts (NESTA) is funding the Big Society Bank pilots with an initial pot of £150,000. Around 90 ideas for social finance products and services have been received and 15 shortlisted proposals will be announced by Nesta on 26 November. Each shortlisted proposal will be offered a £10,000 grant from the Big Society Fund to complete the final stage of research and due diligence. From this shortlist, around five proposals will be selected for further funding, with an announcement due in early 2011.

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One Response to Big Society Bank part 3

  1. Pingback: Big Society Bank part 4 « NCVYS' Financial Monitoring Blog

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