Futurebuilders closes to new applicants

The Futurebuilders fund, a government loan fund intended to help third sector organisations deliver public services, is closing to new applicants due to huge demand, it has announced.

The Social Investment Business, the social investor responsible for managing the fund since 2008, says it has received between £60 million and £90 million worth of applicants in recent months. Futurebuilders has made over 370 investments since being set up in 2004.

Jonathan Lewis, chief executive of the SIB, said it wanted to see billions more brought to the sector.

He said: "We will build on our success in attracting money from private as well as public sources so that we can help more charities and social enterprises do what they do best – support the communities and individuals most in need."

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