A new BIG Fund is to manage a £100 million fund that will help the charities, voluntary groups and social enterprises to weather the immediate storm of the public spending cuts.
The new fund will give charities, voluntary groups and social enterprises a breathing space to secure stable independent funding, because it is recognised that new funding cannot be acquired overnight. The aim of this short term funding is to smooth the transition to becoming providers to public of services and so protect the Big Society agenda.
Public service reforms like supporting entrepreneurial front line public sector staff to form co-ops and mutuals to take over and run the services they provide as well as new Welfare to Work and Free Schools policies will provide opportunities for involvement in the civil society, but this will only happen in the longer term.
Funding will also become available from the Big Society Bank which will use money from dormant bank accounts to help capitalise the sector and build capacity. This is on top of around £470million announced in the spending review to directly support the sector.
Peter Wanless, CEO of the BIG Lottery Fund said: “BIG is delighted to be working with the OCS in administering this hugely important fund. We will work with them to ensure that this money helps excellent organisations throughout England prepare effectively for the future. We will be drawing on relevant expertise from ACEVO, and CapacityBuilders, among others, to achieve that.”