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More cash ploughed into Bucks Big Society Bank
9:00am Wednesday 9th October 2013 in News
ANOTHER £105,000 has been ploughed into a bank offering interest-free loans to community groups.
The Bucks Big Society Bank, formed in March 2011, has already lent tens of thousands of pounds to help voluntary organisations.
Buckinghamshire County Council was the bank’s founding contributor, investing £75,000.
Cllr Martin Phillips, Cabinet Member for Community Engagement, said: "The purpose of the bank is to try to stimulate and support enterprising initiatives in the community because social enterprises, by their very nature, find it difficult to raise traditional funding.
"We are aware public money is in short supply these days. However, the only way we can encourage social enterprise organisations to take risks is for us the sponsors to take risks as well.
"Why should we expect private individuals running voluntary groups to put their houses on the line? We need to share some of the risk so that the voluntary sector can flourish."
The bank is administered by the Buckinghamshire Community Foundation. Its director Richard Dickson said this week: "It has been very successful, so much so that other counties have looked at our model and have created similar projects.
"BCC's contribution enabled us to kick-start this innovative scheme which has allowed us to invest in a variety of community projects in all parts of the county. The initial £75,000 spurred other private contributions to the bank.
"Without the council, this community investment would not have happened."
The loans, starting from £1,000 to £30,000, may be used for a variety of purposes including equipment and premises cost. Call 01296 330134 for more details.
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