By Mark Smulian | 17 October 2011
Bidding has opened for the first six projects to be supported by the government-backed Communitybuilders fund.
It will make loans of between £250,000 and £750,000 to sustainable community regeneration projects that can demonstrate a significant positive impact.
Loans may be used for property renovations and refurbishments, land or property purchases, vehicles, IT equipment or fixtures and fittings.
They are expected to be worth 20%–50% of the total cost involved and can be applied for at any stage of a project’s life.
Communitybuilders has a complex structure, managed by social enterprise Social Investment Business on behalf of the Adventure Capital Fund.
ACF in turn is a charity endowed by the Department for Communities and Local Government as a long-term fund whose loans can be repaid and recycled into similar projects.
ACF chief executive Jonathan Jenkins said: ‘We want to hear from established organisations that are able to demonstrate impact in their communities and credible plans for financially sustainable initiatives.
‘Our mission is to support community organisations that are looking to both expand and become more financially independent but which can’t access commercial loans.’
Communitybuilders offers an eligibility checkingfacility for interested organisations.
