Government unlocks £150 million from dormant accounts for COVID-19 response

Published by Susan Robinson on 21 May 2020

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At yesterday’s press conference (20 May 2020), the Culture Secretary, Oliver Dowden, announced that the Government is accelerating the release of £71 million of new funds from dormant accounts alongside £79 million already unlocked to support charities and not-for-profits, donated through charities to those individuals and groups on the frontline tackling COVID-19.

This builds on the £750 million support package already announced for charities, which includes the £200 million of the distributed by the National Lottery Community Fund, which will open for bids from small charities on Friday.

The funding is for urgent work to tackle youth unemployment, expand access to emergency loans and help improve availability of fair and affordable credit for people invulnerable circumstances.

Of the £150 million announced, £65m will go to Fair4All Finance, £45m to Big Society Capital, £30m to Access and £10m to the Youth Futures Foundation.

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