Government launches 'Big Society Bank' to fund social enterprises

Posted by Dan Martin in Finances, Business trends on Mon, 19/07/2010 - 14:16

Millions of pounds from dormant bank accounts is be used to fund social businesses, the government announced today.

It is believed that up to £400m is available from bank accounts which have been left untouched for 15 years. The money will be used to fund community projects run by charities and voluntary groups as well as social enterprises, the term used to describe businesses which commit all or part of their profits to a social or environmental cause.

Speaking in Liverpool, prime minister David Cameron said: "We have already said we will create a Big Society Bank to help finance social enterprises, charities and voluntary groups through intermediaries.

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