Big Society gets dedicated finance house
The bank, now rebranded as Big Society Capital, is set to receive £600m in equity capital in the coming months – £400m from dormant bank accounts and £200m from the big four UK high street banks.
It is aimed at giving socially orientated financial organisations greater access to affordable capital, so they can in turn help charities, social enterprises and voluntary groups.
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Hide AdThe Big Lottery Fund is to make the first investment, worth £1m in principle, to the Private Equity Foundation, which provides children and young people with basic skills, emotional support and help to gain employment.
HSBC, Royal Bank of Scotland (RBS), Lloyds and Barclays said they would invest £200m in Big Society Capital.