# NI dormant accounts funding to support social enterprises and children

- Link: https://fundraising.co.uk/2012/06/27/ni-domant-accounts-funding-support-social-enterprises-and-children/
- Published: 2012-06-27T08:49:37+01:00
- Author: Howard Lake

The Northern Ireland Minister for Finance, Sammy Wilson, has announced his intention
to channel dormant accounts funding in Northern Ireland as loans to social enterprise
activity in ‘faith based’ organisations and for work with children.

The Minister said that up to £1.3 million would be available in the first year, 
considerably less than earlier estimates which indicated that up to £20 million 
might be disbursed in the first year with smaller amounts in subsequent years.

The announcement comes nearly two years later than expected following a public consultation
in 2009. At that time a dormant account was defined by the legislation as a bank
or building society account in which there has been no customer-initiated activity
for a period of at least 15 years.

## Advertisement

The original legislation relating to dormant accounts also suggested that the Big
Lottery would distribute dormant accounts assets but the Minister indicated that
an organisation that finances social enterprises would be better placed to judge
the viability of recipient loan applications.

The Minister said that he hoped funds would be released early in this financial 
year but also said that funds could be carried over until the next financial year.

www.dfpni.gov.uk