The New Philanthropy Capital was commissioned by the Department for Digital, Culture, Media, and Sport (DCMS) to independently review the future of grant subsidy for blended finance to support the growth of charities and social enterprises.
The report reviews the use and impact of blending grant funding with investment capital as a subsidy to support lending to civil society in England and reviews potential options for how to deliver it in the future. This included reviewing what would happen if the government were to stop subsidising blended finance.
This review finds that there is an ongoing need for future public policy interventions by government to support the social investment market through the provision of grant subsidy into blended finance for VCSEs.
