Funding news

Communitybuilders endowed fund to be worth £27 million - 1 April 2011

The Communitybuilders loan fund has become a £27m permanently endowed fund controlled by the Adventure Capital Fund, with repayments to be recycled into community investment.

The ACF is the parent charity of Social Investment Business, which has administered the Communitybuilders fund since it was set up in 2009 with £60m from the Communities and Local Government department and £10m from the Office for Civil Society to support local community projects.

Communitybuilders will now become an "evergreen" loan and grant fund, where repayments are recycled into new community investment, said Sir Stephen Bubb, chair of the ACF. It will provide money for community organisations to buy and develop local assets such as libraries, he said. The fund, currently closed to new applications, is expected to reopen within a few months, a CLG press release states.

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