Additional £44 million allocated through the Dormant Assets Scheme, taking the total to almost £850 million over the past decade.
- Funding will help tackle youth unemployment, support communities in deprived areas and give people in need access to finance
- New Government Bill could unlock further £880 million for good causes
Communities and good causes across England have been allocated an additional £44 million through the Dormant Assets Scheme.
The funding will be used to tackle youth unemployment, expand access to investment for charities and social enterprises, and help improve the availability of fair, affordable loans to people in vulnerable circumstances.
The Dormant Assets Scheme releases funds from dormant bank and building society accounts, which are accounts that have been open for 15 years, but during that period no transactions have been carried out.
The £44 million funding will be distributed by The National Lottery Community Fund, as follows:
- £20 million will enable Youth Futures Foundation to test and evidence the best approaches to breaking down barriers and improving access to employment for disadvantaged young people
- £20 million will go to Access - The Foundation for Social Investment, to provide urgently-needed finance for up to 1,000 charities and social enterprises, particularly in more deprived areas
- £4 million will allow Fair4All Finance to accelerate their work on affordable consolidation loans for people in financially vulnerable circumstances
Already more than £800 million has been unlocked by the Dormant Assets Scheme over the last decade, including £150 million that supported the response to the COVID-19 pandemic in 2020.
For more information, visit the GOV website.