David Cameron unveils Big Society bank to help savers invest in good causes
“Buddy can you spare a dime?” No but I could lend you one!
This new bank is a key plank in the transition towards communities not only doing more for themselves but being able to borrow the funds to do it. There has been a genuine lack of cash to enable social enteprises to get moving in providing services. The opening of this bank for business begins to address this issue. Accroding to this article:
The bank will be run independently of the Government, chaired by Sir Ronald Cohen, a private equity boss and major Labour donor under Tony Blair. It will give cheap loans, rather than grants, to make sure the money is spread among a large number of projects.
“What we’ve done for business entrepreneurs we must now do for social entrepreneurs,” Sir Ronald said.
As well as funding traditional charities, the bank will give money to social projects, such as playgroups, credit unions and residents’ groups trying to take control of their post office, local shop or library.
Most commentators tell me the real challenge facing those organisations and communities wishing to do more for themselves is not the availability of grants or even loans but “know how”. I have long thought the best way of addressing this is to untap the expertise in one community to support the development of good ideas another, through a process my good friend Gerard McElwee and I have described as “Community to Community” Learning.
If you would like to know more drop me a line.