Big Society Capital is expected to open for business at the end of the month, after receiving confirmation that the Financial Services Authority is “minded to approve” its application.

A spokesman said that there was no a specific date for the launch, but it was expected to be towards the end of March.

Just before Christmas, the European Commission granted Big Society Capital state-aid exemption to set up the organisation.

Big Society Capital will be a ‘wholesaler’ to social investment intermediaries, and expects to be funded with £100m from dormant accounts and £50m from four high-street banks in its first year. Overall it expects to have £600m of committed funds - £400m from dormant accounts and £200m from high-street banks, over a four-year period

It has already made around £4m in investments through an interim committee which has been set up to make investments on behalf of Big Society Capital.