Communitybuilders set to become permanently endowed fund

Social Investment Business says the fund will consist of £10m or more not yet distributed as grants

Communitybuilders
Communitybuilders

Communitybuilders, which supports community organisations, will become a permanently endowed fund worth at least £10m, according to the Social Investment Business.

The fund, which is managed by the SIB on behalf of the Communities and Local Government department and the Office for Civil Society, has provided £70m for community organisations to support communities with activities such as providing and running local services and stimulating community enterprise.

Most of the money has been spent, but the SIB expects the remainder to become a permanently endowed fund that will enable further funds to be generated.

Ian Charlesworth, commercial director of the SIB, told Third Sector he expected the fund to contain at least £10m. It would invest the money and use the income to continue to support community organisations.

"The exact amount will depend on how much is drawn down by organisations we've made commitments to," he said.

A spokesman for CLG said no formal decision had yet been made, but that an announcement was expected in about two weeks' time.

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