Funding news

Big Society Capital and Big Lottery Fund pledge £250m for community investment - 6 June 2013

The pledge of £250 million over the next 10 years was announced by David Cameron and includes a £50 million Community Assets Fund due to start making payments next year.

A spokesman for Big Society Capital (BSC) said it would allocate about 20% of its anticipated £600 million capital over the long term to support community assets. The Big Lottery Fund (BIG) has committed £150 million towards grants for community asset transformation and ownership as part of its Enriching Places programme.

Cameron said that many of the assets bought by communities could be run on a commercial basis "given the right mix of up-front funding".

He said the Community Assets Fund would enable community groups to explore the feasibility of projects without incurring major debts if they decided not to proceed, whilst "at the same time, long-term loans will be available to those that do go ahead – attracting further funding from local authorities, philanthropists and local enterprise partnerships".

Any further information about funding programmes will be published on the governmentfunding website when available.