Santander has partnered with a crowdfunding platform to support social enterprises and community projects across the UK.
Community projects looking to support social change are able to present their ideas on the Crowdfunder website and get matched funding of up to £10,000 from Santander's new Changemaker Fund.
The £200,000 fund, which has launched today (4 October), is open to social enterprises, small charities and community groups helping disadvantaged people in the UK.
Eligible projects seeking total funds of up to £20,000 and focused on skills, knowledge and innovation that get the crowd's backing will receive 50 per cent of their funding requirement from Santander.
Phil Geraghty, managing director of Crowdfunder said: “The new partnership between Crowdfunder and Santander is a key milestone for the crowdfunding industry – opening up powerful networks and opportunities between the banking sector and the next generation of 'changemakers’.
As well as access to the £200,000 pot from Santander, projects will benefit from the Crowdfunding team specialists within education, enterprise and coaching support to unlock the further funds.
According to Santander, further funding will be released in 2017.
Mr Geraghty added the project also offers “long-term economic impacts by supporting social enterprises alongside the immediate benefits of helping people make their great ideas happen.”
Sue Douthwaite, managing director of Santander Business Banking said: “Our purpose is to help people and businesses prosper and we recognise the important role social enterprises and charities play in helping communities to thrive.
"With the power of the Crowd, our £200,000 Changemaker Fund will help bring great ideas to life and enable social enterprises and community ventures to grow.”
Colin Rodger, director at Edinburgh and Glasgow-based Alexander Sloan Financial Planning said: "It is good to see a mainstream bank getting involved in an innovative initiative like this and I hope it succeeds."