Dormant business bank accounts mined for Big Society initiative

Dormant personal and business bank accounts are set to be mined for funds through the ‘Big Society’ initiative implemented by the Government, industry experts recently reported.

Money left untouched for several years will be appropriated to provide working capital for a raft of new businesses under the initiative.  As much of £400 million is thought to be out there for re-purposing, with approximately £3.1 million going towards four specific projects through the government initiative.

FranchisingWorks, a programme designed to provide support for the chronically unemployed in setting up their own franchises, is set to receive a £1 million investment from Big Society.  Meanwhile, £850,000 will go to the Social Stock Exchange to set up a London-based stock exchange exclusively improving access to venture capital for social entrepreneurship, the first of its kind in the world, while Triodos Bank will be setting up a youth support programme with their cut of the cash.

Industry experts have spoken out on the new programme, stating that the goal is to take cash that has been lying about unused in bank accounts for long periods of time and instead using that cash to benefit social entrepreneurs and local communities.  It is hoped that the investment efforts will help to facilitate real change to the lives of people who need it most, such as those with long-term unemployment issues by giving them the ability to set their own business up and aid younger Brits with their own job search.

The investment decisions made by the Big Society Investment fund, has been praised for selecting the kinds of projects that have developed large quantities of excitement in the economic sector, with many stating that the selected projects had been in existence but just lacked the crucial financial investment backing to get off the ground.

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