# £7 million dormant accounts funding for Northern Ireland

- Link: https://fundraising.co.uk/2016/02/25/7-million-dormant-accounts-funding-for-northern-ireland/
- Published: 2016-02-25T13:41:48+00:00
- Author: Howard Lake

**The Social Development minister in Northern Ireland has announced details of the
long delayed dormant accounts distribution.**

Now called the ‘Northern Ireland Community Finance Fund’, which is part of the UK-
wide Dormant Accounts Scheme, the fund will use monies from dormant bank and building
society accounts to support social investment.

The Minister Mervyn Storey said:

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> “The [Community Finance Fund](http://www.northernireland.gov.uk) will provide 
> a unique and innovative funding opportunity for social investment in Northern 
> Ireland. It will help to improve access to finance for a range of organisations
> across the third sector, such as social enterprises, church and smaller community
> based groups.
> “This Fund will enable such organisations to make further investment in their 
> activities, grow their organisations and become self-sustaining through the availability
> of finance. Access to this financial support will help to increase their revenue
> and resources and enhance the level of social benefits they deliver.”

The intention to establish such a fund was announced as part of the 2015/16 Budget
and was previously known as the [Social Innovation Fund](https://fundraising.co.uk/2012/06/27/ni-domant-accounts-funding-support-social-enterprises-and-children/).

The Fund is part of the UK-wide Dormant Accounts Scheme established through the ‘
Dormant Bank and Building Society Accounts Act 2008’, and as of 31 March 2015, £
7.1 million has been made available to the NI Fund.

Future funding will vary, but is currently estimated at around £800,000 per annum.

Big Lottery Fund, in collaboration with a third party, will be delivering the Community
Finance Fund on behalf of the NI Executive.

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