Funding news

The Social Investment Business Launch - 13 August 2009

The Social Investment Business will be the new trading name for the Adventure Capital Fund (ACF) and Futurebuilders England, bringing together all the funds and programmes they currently run under one umbrella.

The organisation will oversee the £215m Futurebuilders England fund, the Department of Health's £100m Social Enterprise Investment Fund, the Communities and Local Government department's £70m Communitybuilders fund, the original £15m Adventure Capital Fund and the Office of the Third Sector's £9.5m Modernisation Fund.

The Government is also consulting until October on how to establish a social investment wholesale bank, funded partly by unclaimed assets in dormant bank accounts. Jonathan Lewis, chief executive of ACF, said his organisation would "throw its hat into the ring" to bid to run the bank if, as expected, one is set up.