Reclaim Fund: Third Sector

(asked on 17th May 2021) - View Source

Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Digital, Culture, Media and Sport, how much of the £150 million of funding from Reclaim Fund Ltd which was allocated to good causes during the covid-19 outbreak contributed to the £750 million in funding announced on 8 April 2020.


Answered by
Matt Warman Portrait
Matt Warman
This question was answered on 24th May 2021

In May 2020 the DCMS Secretary of State announced that £150 million of dormant assets funding would go to help charities, social enterprises and individuals in need of support during the coronavirus outbreak. This funding was completely separate to the government’s £750 million support package for the voluntary and community sector, announced in April 2020.

The £150 million of dormant assets funding – consisting of £71 million of new funds alongside repurposing £79 million already unlocked – has supported a variety of initiatives focused on youth, financial inclusion, and social investment:

  • £10 million was used by Youth Futures Foundation to launch an emergency levelling up fund for young people from the communities hit hardest by this crisis, including those from Black, Asian or Minority Ethnic groups.

  • £65 million was used by Fair4All Finance to create a robust programme to tackle the heightened needs of the financially marginalised as a result of the crisis.

  • £45 million was used by Big Society Capital to allow better access to investment, including emergency loans for charities, social enterprises and some small businesses facing cash-flow problems and disruption to their trading.

  • £30 million was used by Access – The Foundation for Social Investment, making up to £10 million available for emergency support through social lenders, while also developing a wider £20 million programme of flexible recovery finance for the social sector.

Reticulating Splines