Funding news

Communitybuilders set to become permanently endowed fund - 21 March 2011

Communitybuilders, which supports community organisations, will become a permanently endowed fund worth at least £10m, according to the Social Investment Business.

The fund, which is managed by the SIB on behalf of the Communities and Local Government department and the Office for Civil Society, has provided £70m for community organisations to support communities with activities such as providing and running local services and stimulating community enterprise.

Most of the money has been spent, but the SIB expects the remainder to become a permanently endowed fund that will enable further funds to be generated. It is expected that the fund will contain at least £10m, of which the income will be used to continue to support community organisations. Ultimately, the exact amount available will depend on how is drawn down by organisations Communitybuilders has current commitments to.

A spokesman for CLG said no formal decision had yet been made, but that an announcement was expected in about two weeks' time.

To read the full article, visit the Third Sector website.