Government Initiative to Offer Interest Free Loans

Mon, 02 Mar 2009

The government backed funding initiative Futurebuilders is set to offer interest free loans totalling £16.5 million to voluntary organisations. The five years loans range from £30,000 up to £500,000, and will be available to individual charitable organizations in the UK, who must have annual incomes of over £750,000 to qualify for the loans .

Futurebuilders will accept applications for the loans from the beginning of April, and will continue to be reviewed for 12 months. The initiative is part of the government’s £42.5 million third sector support programme.

Futurebuilders chief executive officer Jonathan Lewis said, ‘This is a great opportunity to use Futurebuilders' existing infrastructure to quickly support a major government initiative and to get funds out to the sector to address immediate and pressing issues.’

Futurebuilders isn’t the only government funded initiative offers loans or grants, however. Capacitybuilders is expected to offer small grants to third sector organisations with a turnover of less than £1 million a year, beginning this summer. The organisation was established in 2006 to replace ChangeUp, following a decision by leaders that the organization should function independently of the government. Capacitybuilders has a budget of £88.5 million for the 2008-2011 period.
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