In March 23 it was announced that a further £76 million is being released from dormant assets to help those struggling with the cost of living, with more to come as the Dormant Assets Scheme expands, DCMS has announced.
This represents another Big Win for the use of dormant funds for good causes. There are however many more millions of dormant funds that exist in other areas of the UK finance system that can be used for good causes and Financial Inclusion.
Rating Agency Experian reported: Beneficiaries include no-interest loans for 69,000 individuals struggling with finances via a £45 million grant distributed by Fair4All Finance. Hundreds of charities and social enterprises will receive support from a pot of £31 million, distributed by social investors Access and Big Society Capital. This will be used to retrofit premises with cleaner, greener, and more efficient energy systems, such as new boilers or heat pumps, solar panels, and new lighting.
This decision follows a public consultation last summer. A coalition from across the social, business and investment sectors came together to feed into the consultation and propose the Community Enterprise Growth Plan, with the goal of supporting social investment to reach places and communities that have not benefitted to date.
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