Northern Ireland’s government has finally announced how money from dormant bank accounts will be allocated to good causes.
The Northern Ireland Community Finance Fund, part of the UK wide Dormant Accounts Scheme, utilises monies from dormant bank and building society accounts to support social investment “in local communities”.
With some seven million pounds already made available to the Fund, the annual funding outlay will vary, but is currently estimated at around £800,000. Big Lottery Fund (in collaboration with a third party) will be delivering the Community Finance Fund on behalf of the NI Executive.
Previously known as the Social Innovation Fund, the fund was announced as part of the 2015/16 Budget, after a very slow process. VoluntaryNews’ previous news item is dated July 2013, when the two spending priorities were said to be young people and faith-based groups – “The latter is a reflection of such groups ethical issues with the Big Lottery Fund”!