Social investment proposals which are already underway, but require additional funding have been thrown a £6m lifeline by the Big Lottery Fund (BIG) in response to government recommendations.
The move follows Cabinet Office recommendations for the National Lottery funder to strengthen the capacity of the social investment market for supporting public benefit and social action. Just this week, however, NCVO chief executive Sir Stuart Etherington raised concerns about increasing the priority BIG should place on social investment, writing to Cabinet Office minister Francis Maude that: "The guidance must ensure that Lottery funds are the catalyst for innovative social investment and not the capital of the social investment market.”
The government launched a consultation asking for responses to a series of recommendations for BIG's fund policy, including that relating to social investment, after a transfer of control over the funder from the Department for Culture Media and Sport. The consultation closed today and a summary is due to be published in January.
Launching the Next Steps: Supporting Social Investment in England initiative, BIG chairman Nat Sloane advised that funding social investment would benefit the sector at large, potentially freeing up Lottery funding in the future:
"Clearly the current difficult financial climate presents a great many challenges for the voluntary and community sector, with limited funding available and demand for services increasing. Social investment may hold a more financially sustainable answer to addressing some of the problems faced by society. It could also support project that might otherwise look for Lottery funding, potentially freeing up cash for other good causes," he said.
Funding of between £40,000 and £1m is available to cover a wide range of activities to help develop social investment proposals, from funding the delivery of interventions to covering technical or legal costs. Social investment proposals in England which act as commissioner or intermediary, as well as for frontline organisations delivering interventions to tackle social need are eligible to apply. Applications can be made to BIG via www.biglotteryfund.org.uk/nextsteps until Wednesday 14 December.
