|
Adventure Capital Fund’s expertise to be used to deliver £30m Community Asset Fund |
NEWS RELEASE
Embargoed to 00:01, Friday 30 March 2007
 Adventure Capital Fund’s expertise to be used to deliver £30m Community Asset Fund 94.36 Kb
Ed Miliband, Minister for the Third Sector, has announced that the Adventure Capital Fund will support the Big Lottery Fund to deliver the government’s £30m programme to enable community-led third sector organisations to own and run under-used buildings.
The fund will offer grants for refurbishment of local authority buildings, providing valuable new facilities for communities and responding to the third sector’s desire to make best use of local assets.
Stephen Bubb, Chair of ACF, said: “This is a really exciting opportunity for ACF to use its track record it enabling the third sector to acquire and take advantage of assets. Not only will this help organisations to stand tall but it will also give opportunities to generate new income streams.
“We see this as only the start of a process that will see more community ownership of bigger and bigger assets transferred from local councils and health services. We look forward to engaging with the consultation process and the findings of the forthcoming review into asset transfer.”
Sue Peters, chief executive, said: “We look forward to working with the Big Lottery Fund to enable it to empower local organisations to strengthen their place in local neighbourhoods. The announcement is testament to our pioneering work tailoring investment to the needs of organisations bypassed
by mainstream banks and financial service companies.”
ENDS
Media Enquiries
Please call if you would to set up an interview or if you are interested in the work of the ACF. Case studies with community-led enterprises are also available.
Dominic Wood,Society Media 020 8983 1929,
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Henry Palmer, Society Media 07786 243940,
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Notes to Editors:
• About the Adventure Capital Fund (ACF):
The ACF offers a range of investment tools and support services to organisations looking to develop income streams that enable them to stand on their own two feet. It offers loans and investments ranging from £50,000 to £450,000, depending on ambition and need, and in-depth support to investee
organisations.
In addition to helping organisations that are ready for investment, the ACF also offers business development grants to help organisations to get their less well-established ideas off the ground.
• Managed Workspace Fund – The ACF also provides investment for community organisations looking to develop or set up managed workspace and incubation services through the Managed Workspace Fund. Investments will help host organisations to receive a sustainable income stream through the rent paid by its tenants, while the workspace will offer tenants a supportive environment to develop. These workspaces will be rented to a vibrant mix of third sector organisations and small businesses that will, in turn, stimulate local regeneration and renewal.
• Stephen Bubb, chief executive of Acevo, became chair of the ACF in September 2006.
• The ACF’s strategic goals include growing the fund tenfold from £15m to £150m by 2011. It aims to reach its strategic goal of plugging the gap in access to finance for community organisations that want to deliver financial and social dividends to their local communities.
• The ACF reinvests in a range of community enterprise organisations that want to develop long-term sustainable income streams.
www.adventurecapitalfund.org.uk
|
