Businesses to benefit from dormant bank accounts - Money - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Businesses to benefit from dormant bank accounts

Businesses to benefit from dormant bank accounts

Category: Money

Updated: 28/12/2011
First Published: 28/12/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Money taken from dormant bank accounts is to be used to fund a number of new businesses, it has been announced.

Using money that has been left in bank accounts for a number of years is part of the Government's 'Big Society' initiative.

It is thought that around £400 million will be made available for projects through the scheme.

Of that, some £3.1 million has been earmarked for four Big Society Projects.

It will include a £1 million investment for FranchisingWorks, which is to help people who have been unemployed for a long time to set up their own franchise businesses.

In addition, Triodos Bank will set up a youth support programme, while The Social Stock Exchange will use its £850,000 investment to set up the world's first stock exchange for social entrepreneurs.

It will be located in London and improve access to capital for social entrepreneurs.

"This is about putting money that has been lying around dormant in bank accounts for years to good use in projects that will benefit our local communities and social entrepreneurs.

"These investments will bring real changes to people's lives. They will help young people into jobs and give the long-term unemployed the opportunity to set up their own businesses.

"The Big Society Investment Fund, under the auspices of the Big Lottery Fund, is doing a fantastic job forging the way. Already, their investment decisions show the range of exciting projects that just need financial backing to get going."

Find the best bank account for you - compare bank accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

How much could it cost to get fit in 2017?

We’re almost a week into 2017, and hopefully, many of those New Year’s Resolutions are still going strong. Figures suggest that the most popular resolution is to achieve a healthier lifestyle, but just how much could that ambition set you back?

Over 1 million fall victim to online scams

We all like to think that we’re pretty savvy when it comes to spotting financial fraudsters, yet the rise of online scammers means it can be all-too easy to be hoodwinked - and unfortunately, huge numbers are falling victim.

Financial New Year’s Resolutions

It's that time of the year again: the presents have been unwrapped and the Christmas jumper folded away, and now all that's left is the hangover from the festivities. It's time to sit down and think hard about what you would like to change, and how.