Welsh loan fund to help charities bid for contracts

Invest to Serve aims to help charities grow

A new £6m fund to provide loans for charities in Wales to bid for public sector contracts and develop their services has been announced.

The Invest to Serve fund will be made up of contributions of £1m each from the Welsh Assembly Government, the Welsh Council for Voluntary Action and Unity Trust Bank.

The Welsh European Funding Office is likely to contribute £3m, a spokeswoman for the Welsh Assembly Government said, although the figure is still to be confirmed.

The spokeswoman said the fund would provide three-year loans at interest rates lower than those on the open market, but most of the finer details are yet to be decided.

It is unclear what the interest rate on the loans would be and the upper and lower limits on the value of the loans have not yet been decided.

Brian Gibbons, Minister for Social Justice, said the fund would make third sector organisations more sustainable. He said it would enable them to provide services for the public sector at lower rates than they would otherwise be able to offer.

A spokeswoman for the Welsh Assembly Government said the opening date for applications to the fund had not yet been confirmed.

 

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