Extra boost for fund

The government loan fund, Futurebuilders, has announced that it is to receive an extra £25 million in funding.
The fund put out a bid in August to receive funding for the next year to support its work with third sector organisations. Since the fund began in 2004, Futurebuilders has invested £101 million in third sector organisations. The extra funding from the Cabinet Office will take their total available funds to £150 million, which will cover them until the contract is up for retendering in March 2008.
“We are absolutely delighted to have an additional £25m to spend in 2007/08,” said Futurebuilders chief executive Richard Gutch. “The appetite for alternative finance is definitely growing.”
The fund aims to help voluntary and community organisations to provide better public services by providing loans, grants and professional advice. The fund has invested in 225 organisations since it was set up and has received over 1,300 applications for over £1bn.

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