Nesta is funding the Big Society Bank pilots with an initial pot of £150,000, which will be allocated to 15 shortlisted proposals for products and services for the Bank.
Around 90 ideas for social finance products and services have been received by the National Endowment for Science, Technology and Arts (Nesta) who has been chosen by government to research and pilot activities around the Big Society Bank.
Proposals have come from a broad range of organisations including charities, social finance and mainstream financial institutions.
Nesta’s team is being supported by UnLtd, and the selection of proposals will be reviewed by an external panel of social sector and financial market experts, chaired by Sir John Gieve, former deputy governor of the Bank of England.
Fifteen shortlisted proposals will be announced by Nesta on 26 November – a week later than originally planned as a result of the volume of proposals received. Each shortlisted proposal will be offered a £10,000 grant from the Big Society Fund to complete the final stage of research and due diligence.
From this shortlist, around five proposals will be selected for further funding, with an announcement due in early 2011.
The trial will explore products and services that could be offered by the Big Society Bank.
Nick Hurd, minister for civil society, said: "We should not be surprised by the high level of interest in the potential of a Big Society Bank. I’m very encouraged that the proposals are so practical and credible.
"It shows that the government’s commitment to the Big Society Bank is matched by a clear demand for its services. I want to thank Nesta, UnLtd and the other organisations that have contributed for helping to bring these products and services to the fore so that we can provide the right type of support to social enterprises when the Bank is up and running."
Yesterday, Hurd suggested there could be a delay with the launch of the Big Society Bank, which was scheduled to open in April.
Speaking at an 3SC House of Commons reception on the future of public services, Hurd said the Bank would come on stream in quarter three of next year, four months later than originally stated.
