Cabinet Office announces first awards by the Investment and Contract Readiness Fund

Eight organisations will receive a share of almost £1m to help make them more attractive to investors and commissioners

Cabinet Office
Cabinet Office

The Cabinet Office has announced the first eight organisations that will receive a share of almost £1m from its £10m Investment and Contract Readiness Fund.

A statement from the department said the grant funding would enable them to buy specialist support to make them more attractive to investors and commissioners.

It hopes the money will create a further £23m in investments and contracts involving the eight organisations.

The Investment and Contract Readiness Fund is a three-year scheme, managed by the Social Investment Business on behalf of the Cabinet Office, that offers grants of between £50,000 and £150,000 to social ventures to enable them purchase expert support and pay for the costs of putting contract readiness plans into action.

Those that will receive a share of the funding include: the social business Reds10, which helps disadvantaged young people find jobs on construction sites and will use the funding to turn its London operation into a national scheme; West Itchen Community Trust, which works in deprived areas of Southampton and will use the grant to turn a dormant building into an enterprise hub; and TLG The Education Charity, which works with young people at risk of exclusion from school and will use the money to expand its operation.

Nick Hurd, the Minister for Civil Society, said: "These social ventures are already doing inspiring work and this money will allow them to step up and develop the services they offer.

"Not only is this expected to grow the market, but we also know that it will improve the lives of hundreds of people in need."

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