Charities and voluntary groups will be able to access more financial support to help them win contracts to deliver public services. The money will be available under a partnership between Futurebuilders England and the Royal Bank of Scotland.
Futurebuilders, the 215 million pound Government fund providing support and investment to help third sector organisations win contracts, is to work with the bank in an effort to make its services more accessible and to give organisations more options.
Under the agreement, RBS will refer third sector organisations that it cannot help to Futurebuilders, which specialises in backing projects unable to secure commercial loans. The two organisations will also work together to
create co-financing options. That would mean that where, for example, part of a project was ‘unbankable’ it might be able to receive both a Futurebuilders loan and a commercial loan. The bank will provide advice to Futurebuilders on those issues as part of the partnership.
Sue Peters, managing director of investments at Futurebuilders England, welcomed the opportunity to work with RBS to help more third sector organisations access the finance they needed to help them win public sector contracts. “The team at RBS has a lot of experience of dealing with the third sector and we are looking forward to establishing a mutually beneficial relationship with them,” she said.
The partnership with RBS is not exclusive and Futurebuilders is looking to establish similar arrangements with other high street banks.