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New funds uncovered for youth projects

Wednesday, 16 December 2009 12:32

fundsThe Government announced plans in their pre-budget speech to distribute cash from dormant bank accounts to charities and youth organisations.

 

 

Plans for the money include:

 

  • £100m fund managed by the Big Lottery Fund to teach young people and adults about financial capability;
  • £75m to set up a new Social Investment Wholesale Bank, which will provide loans to voluntary organisations; and
  • An estimated £175m to fund new youth facilities.

 

But organisations may have to wait some time to get their hands on the money as a contingency fund will be set up for people who want to claim money sitting in old bank and building society accounts. This will take some time to set up and administer.

 

In an article on Children and Young People Now Susanne Rauprich, chief executive of the National Council for Voluntary Youth Services said in response to the announcement: "We are looking forward to working with government and other funders such as the Big Lottery Fund to ensure that young people's projects and services are delivered in an innovative way that's sustainable and doesn't rely on one-off grants".

 

 

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