§ Harry CohenTc ask the Secretary of State for the Home Department if he will make a statement on the timescale for the implementation of the proposed Futurebuilders investment programme; what the mechanism is by which voluntary sector organisations may bid for allocations from this fund; who else will be eligible to bid; and if he will make a statement. [166848]
§ Fiona MactaggartThe Futurebuilders Fund is an innovative undertaking, designed to enable voluntary and community organisations to modernise and enhance their capacity to deliver first class public services, particularly to individuals who are not well served by current state or market provision.
The implementation of the £125 million investment fund will be managed by Futurebuilders England Ltd., a consortium of organisations with experience of funding voluntary and community organisations. The Fund will provide finance to assist voluntary and community organisations, and social enterprises, in their public service work to acquire capital assets through a range of funding solutions, including grants and various forms of loans.
Futurebuilders England aim to begin their first round of investments this summer. Information about designing the process, the mechanism for bids to the Fund, including investment priorities, the eligibility criteria and application process, is to be made available by Futurebuilders England at an information event they are holding for mainly voluntary and community organisations on Wednesday 5 May.