Futurebuilders fund 'to double'

Social lender expects pot to grow to about £400m by 2030

Government-backed loan fund Futurebuilders England will have almost doubled the amount it has available to lend to charities by 2030, according to its chief executive.

The fund, which is designed to help third sector organisations win public service delivery contracts, opened in 2004 with £215m of government money.

Jonathan Lewis told Third Sector he expected the available pot to grow to about £400m by 2030.

The fund has so far lent out all but £68m of the original tranche of government money and has received repayments of £7m, which it is also free to re-invest, said Lewis.

Despite lending only to "unbankable" projects that other lenders would not consider, the fund has a relatively low default rate of about 5 per cent, he said.

"We have also leveraged a large amount of money into the sector by lending in partnership with high street banks," said Lewis. 

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