BIG calls for social investment bids for dormant £5 million

BIG Fund, the non-Lottery funding operation of the Big Lottery Fund (BIG), launched, on 21^st June, its call for proposals from social investment intermediary organisations that want to increase their capability with a share of £5 million from dormant bank accounts.

The £5million Big Society Investment Fund will invest funds from dormant bank accounts in England into social investment intermediaries while the Big Society Bank is being set up. Delivered by the BIG Fund, the Fund will help build a dynamic social investment market that provides robust financial products to better support frontline social sector organisations.

This follows directions from Government for BIG to establish an Investment Committee to use dormant account money to start making investments from this summer. The Investment Committee is an interim body that will be wound up once the Big Society Bank has become fully operational following State Aid approval from the European Commission and Financial Services Authority authorisation.

The Fund is looking to support a portfolio of around five proposals from social investment intermediary organisations. An Investment Committee chaired by John Kingston of CAF Venturesome and comprising Sir Ronald Cohen and Nick O’Donohue, Independent Advisers to Government on the Big Society Bank, Nat Sloane and Anna Southall of BIG and Dawn Austwick of Esmee Fairbairn, will make the decisions on where the funds are invested.

For information on applying to Big Society Investment Fund visit: The Big Society Investment Fund