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£76 million tied up in forgotten accounts is to be used to support people to get out of debt and assist social enterprises with innovative energy saving solutions.
- Dormant Assets Scheme redirects money from forgotten accounts to good causes
- £76 million will go to those struggling with the cost of living, including through no-interest loans
- In England, the scheme is being expanded to include community wealth funds, pots of money that will allow local residents to improve their communities
The most vulnerable people in society will be given additional support to deal with the cost of living, as £76 million tied up in forgotten accounts is unlocked.
The cash will support people to get out of debt and assist social enterprises with innovative energy saving solutions.
Beneficiaries include no-interest loans for 69,000 individuals struggling with finances via a £45 million grant distributed by Fair4All Finance, and hundreds of charities and social enterprises which will receive support from a pot of £31 million, distributed by social investors Access and Big Society Capital. This will be used to retrofit premises with cleaner, greener, and more efficient energy systems, such as new boilers or heat pumps, solar panels, and new lighting.
More details to follow as programme gets rolled out over coming months.