Dennis the 'Bloody Peasant'
4th April 2012, 10:44
Big Society fund launches with £600m to invest
A new financial institution set up by the UK government to finance charities and community groups has been launched.
Big Society Capital has £600m, of which the majority comes from unused cash in bank accounts that had been dormant for more than 15 years.
The fund will back social enterprises that prove they can repay an investment through the income they generate.
"This is about supplying capital to help society expand," said Prime Minister David Cameron.
"Just as finance from the City has been essential to help businesses grow and take on the world, so finance from the City is going to be essential to helping tackle our deepest social problems," the prime minister added.
Mr Cameron is closely associated with the idea of the Big Society and has previously said it is his "mission" in politics to make it succeed.
The concept has been ill-defined, but is usually taken to mean charities and volunteers taking on roles in the community now filled by government.
Prisoners
Venture capitalist Sir Ronald Cohen, who is Big Society Capital's chairman, told the BBC that the fund's aim was to create a "thriving market for social investment".
(BBC News)
A new financial institution set up by the UK government to finance charities and community groups has been launched.
Big Society Capital has £600m, of which the majority comes from unused cash in bank accounts that had been dormant for more than 15 years.
The fund will back social enterprises that prove they can repay an investment through the income they generate.
"This is about supplying capital to help society expand," said Prime Minister David Cameron.
"Just as finance from the City has been essential to help businesses grow and take on the world, so finance from the City is going to be essential to helping tackle our deepest social problems," the prime minister added.
Mr Cameron is closely associated with the idea of the Big Society and has previously said it is his "mission" in politics to make it succeed.
The concept has been ill-defined, but is usually taken to mean charities and volunteers taking on roles in the community now filled by government.
Prisoners
Venture capitalist Sir Ronald Cohen, who is Big Society Capital's chairman, told the BBC that the fund's aim was to create a "thriving market for social investment".
(BBC News)