09 July 2004
Charities were invited to bid for a share of public money this week as a £125m government fund officially opened for business.
Futurebuilders hopes to make about 250 investments in voluntary organisations over the next three years to help boost the sector's capacity to provide public services.
The Home Office-backed scheme will provide a mixture of loans and grants, ranging in value from £30,000 to several million. The first investments will be made this autumn.
Chief executive Richard Gutch said: 'I am delighted that it's all systems go. The team has worked extremely fast to get us to this position today since the Futurebuilders consortium won the tender just before Christmas.'
Investment banker Peter Wheeler has been appointed chair of Futurebuilders. He is also a founder and trustee of New Philanthropy Capital, a charitable organisation that aims to apply business practices to the voluntary sector.
'Peter's extensive experience… will be of enormous value to us all,' Gutch said.
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