A DORMANT bank account fund is to be established in Northern Ireland to support projects in the voluntary, community and social enterprise sector.
A total of £16 million is available, made up from dormant bank and building society accounts, to fund work to support resilience, capacity and sustainability in the sector.
Sue Gray, Permanent Secretary of the Department of Finance, said a "key principle" of the fund is that it will be used "to fund services that would not normally attract public money - providing a real opportunity for a range of organisations including community and voluntary groups and social enterprises to access funding.
"Northern Ireland has a really strong third sector that is doing fantastic work and making a positive and meaningful impact on so many people’s lives.
"I would really encourage the sector to bring forward their ideas to help shape the plans for this fund.”
The fund will be delivered by the National Lottery Community Fund, who will now engage with the third sector to develop a Strategic Action Plan for the scheme, which will open this financial year.
Colin Jess, Director of Social Enterprise Northern Ireland, said the fund would "make a significant difference to social enterprises" across the north.
"The funds will give impetus to their business, to their work and will allow them to carry on projects that will make an impact in their community," he said.
"The release of Dormant Account Funds will give support to the social enterprise sector which is making an increasing contribution to the Northern Ireland economy".
