New philanthropy scheme will offer long-term funding

A leading grant maker launched a venture philanthropy scheme yesterday to distribute between £70m and £100m over the next decade.

The Lloyds TSB Foundation for Scotland's Inspiring Scotland scheme will offer long-term funding packages to Scottish charities.

The scheme will bring together money invested by philanthropists, grant-making trusts and foundations, business investors and government funds.

The initial pot of money will be distributed to organisations that support 14 to 19-year-olds who struggle to make the transition to adulthood. Charities will be able to make open proposals for funding for a five to 10-year period.

Future schemes will address other themes, with an expert group advising organisations on how to spend the money.

Inspiring Scotland will be managed by the Lloyds TSB Foundation for Scotland but plans to become a separate legal entity with a board that will represent all the investor groups.

"We are working with a range of investors, all driven by a desire for social change," said Andrew Muirhead, chief executive of the Lloyds TSB Foundation for Scotland.

"We are very excited by what we believe we can achieve."

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