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There was money sitting in dormant bank accounts in the UK until a decade ago, but it's now being used to create jobs and improve the lives of people in some of the country's poorest areas, the Guardian reports.
Thanks to the British government's dormant assets fund, which was established in 2000 to take advantage of the country's " golden age" of capitalism, hundreds of millions of dollars have been made available to community organizations in some of the country's most troubled areas.
"By giving local entrepreneurs access to the finance and support they need to grow their business models, often in places where standard forms of investment are hard to secure, it enables them to boost the local economy, get more people into work and help people struggling with the cost of living," says James Westhead of Big Society Capital, one of several organizations that have received funds from the fund.
"The current funding model has been so successful that earlier this year we launched Local Access Redcar & Cleveland and Hartlepool," Westhead says.
"If we're able to set up this kind of initiative now, just imagine what we could achieve if the government doubled the money available through this second round of dormant asset funding."
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Foundation: Community Foundation of Broward
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Badari Ambatti and his wife, Roopa Hhaprakash, moved from Bengaluru, India, to Garden City Park in New York about 10 years ago, and since then, they've made a home for themselves and their daughter,...more
"People used to go swimming in it, and then how grateful [they] are for the work that we're doing in conjunction with the government and other organizations," Mike Smith tells This Week in...more
"No matter how hard we work, until we get our capital aligned, we're not going to fix the problems," Cory Donovan, executive director of ImpactPHL, tells Technical.ly. That's why the nonprofit in...more
Penn State's College of Agricultural Sciences recently honored three of its alumni with 2024 Outstanding Alumni Awards.Vijay Nandula, of Overland Park, Kansas, was this year's recipient of the...more
If you're looking for a way to boost your community's sense of place, researchers at Gustavson University in Sweden have just the thing. They've developed a set of five principles that community...more
Foundation: Changemakers
The US may be the world's top emitter of carbon dioxide, but the European Union is No. 1 when it comes to researching and developing green technologies. In fact, the EU is No. 1 when it...more
When Brazil takes over the presidency of the G20 in 2024, it will be the first country to do so from the developing world. But a new report from the Chatham House think tank warns that Brazil...more
When Josh Fryday joined the California Service Corps as a 17-year-old high school senior, he never imagined he'd end up as the state's chief service officer. But that's about to change. The...more
Google has a new privacy-related headache to deal with: its own self-driving car. In a blog post, the company explains that it plans to start testing its own self-driving car in the US next year,...more
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A Bar That Saves Children’s Lives
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