# Government releases £150 million from dormant assets to support charity coronavirus response

- Link: https://fundraising.co.uk/2020/05/21/government-releases-150m-from-dormant-assets-to-support-charity-coronavirus-response/
- Published: 2020-05-21T09:46:48+01:00
- Author: Melanie May

**The Government is unlocking £150 million from dormant bank and building society
accounts to support those impacted by the coronavirus pandemic.**

This includes accelerating the release of £71 million of new funds from dormant 
accounts alongside £79 million already unlocked that will be repurposed to help 
charities’ coronavirus response and recovery.

The funding will support work to tackle youth unemployment, expand access to emergency
loans for civil society organisations and help provide fair, affordable credit to
people in vulnerable circumstances.

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Of the £150 million:

 * £10 million will be brought forward for the [Youth Futures Foundation](https://youthfuturesfoundation.org/)
   to help organisations supporting unemployed, disadvantaged young people across
   the country into jobs. The Foundation will be launching an Emergency Levelling
   Up Youth Fund to support young people from hardest hit communities and will expand
   its Development and Impact grants programme to increase youth employment provisions.
 * £45 million will be deployed by [Big Society Capital](https://bigsocietycapital.com/)
   to help provide better access to investment including emergency loans for charities,
   social enterprises and some small businesses impacted by the coronavirus outbreak.
 * [Fair4All Finance](https://fair4allfinance.org.uk/) will use £65 million to support
   affordable credit providers to increase access to fair, appropriate products 
   and services for those struggling financially.
 * £30 million will go to [Access – The Foundation for Social Investment](https://access-socialinvestment.org.uk/),
   which will support social enterprises helping people in vulnerable circumstances.
   Up to £10 million will be available for emergency support through social lenders
   and a wider programme of recovery finance will be developed for the social sector.

The Economic Secretary to the Treasury, John Glen, said:

> “This funding will provide vital support to some of the most vulnerable in our
> society. Thank you to the banks and building societies for taking part so we can
> continue to support so many good causes. I look forward to the potentially millions
> more we can unlock for good causes through expanding the Dormant Assets Scheme.”

The Government is currently [consulting](https://www.gov.uk/government/consultations/consultation-on-expanding-the-dormant-assets-scheme)
on expanding the dormant assets scheme to include a range of financial assets from
the insurance and pensions, investment and wealth management, and securities sectors.

 * **[Charities have received over £32 million from dormant trusts](https://fundraising.co.uk/2020/07/06/charities-received-over-32-million-from-dormant-trusts/)**(
   6 July 2020)
 * **[Northern Ireland VCSE sector receives £1.3m in latest dormant accounts award](https://fundraising.co.uk/2022/01/20/northern-ireland-vcse-sector-receives-1-3m-in-latest-dormant-accounts-award/)**(
   20 January 2022)
 * **[Dormant Assets Scheme to expand after Bill gets Royal Assent](https://fundraising.co.uk/2022/03/04/dormant-assets-scheme-to-expand-after-bill-gets-royal-assent/)**(
   4 March 2022)

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