The Cambridge Building Society Community Fund launches with £500,000
September 10, 2020
The Cambridge Building Society has launched a charitable fund with initial funding from the Society of £500,000. The Fund is available for local groups, charities and organisations who need financial support with their work to tackle home and housing needs.
The Fund is the third initiative announced under ‘Making The Difference’ which is the Society’s commitment to finding new ways to help people have a home and to work with the community to support those who offer services for shelter and housing. The previous two initiatives directly benefited local people who needed extra support to own a home of their own, whereas the Fund will help diverse communities with more complex needs than the Society can support directly.
The Society has made the funds available by participating in the Dormant Assets Scheme, a UK Government programme that enables financial institutions to use dormant funds for the public good. The Fund can be accessed via a twice yearly grant application programme, whereby amounts of up to £10,000 will be awarded to charities, community groups and organisations operating within a 15 mile radius of The Cambridge’s branch and store network. It will be managed by the Cambridgeshire Community Foundation (CCF) and applications will be assessed against the Fund’s purpose by a panel of representatives from The Cambridge and the CCF.
Peter Burrows, Chief Executive of The Cambridge, comments: “We are delighted to announce the launch of The Cambridge Building Society Community Fund, which will support charitable groups committed to helping vulnerable people with their housing needs. We’re excited to begin the process of awarding grants to a range of community groups and to see the impact they will make on the lives of local people.”
Michael O’Toole, Chief Executive of the Cambridgeshire Community Foundation, says: “It is no surprise to see The Cambridge leading the way on dormant account funds locally and we are honoured to be working with the Society on this initiative. The Cambridge exemplifies local-based businesses who care about their communities and want to make a positive difference. This Fund will focus on enabling access to housing and homes for all, and my team at The Cambridgeshire Community Foundation is eagerly awaiting applications from the community.”
Following the unprecedented impact COVID-19 has had on the community, it has never been so important for charitable groups and organisations to have access to financial support. The Society’s new initiative is allowing more funding to reach those with the end goal of addressing housing needs in Cambridgeshire, and therefore supporting vulnerable people living in our community. Applications for grants are open now and will close on 1 November. They can be made via the Cambridgeshire Community Foundation website at http://www.cambscf.org.uk/the-cambridge-building-society-community-fund.html