The government has allocated £60 million to make sure more social ventures are able to benefit from financing.

The money will go towards firms with “high potential” but struggle to access the money they need to grow. The fund is based on the Cabinet Office’s £10 million pilot scheme, the Investment and Contract Readiness Fund.

Social ventures who raised finance through this fund received £38 for every £1 of government grant.

Minister for civil society Nick Hurd said: “Engagement in social investment around the world has reached new levels, and the UK is leading the way in this global movement.

“Today’s announcements show our commitment to building a market that is accessible to everyone and our report reflects on the huge progress we have made into turning our vision into reality.”

Also today, ministers announced two new social impact bonds (SIBs) in Worcestershire and Birmingham.

The Worcestershire SIB aims to reduce numbers of lonely people over the age of 50 in the area by between 20 and 30%, while the Birmingham SIB will go towards supporting vulnerable young people.

Separately the government published a progress report suggesting that the UK has the world’s most advanced social investment market, growing at 20 per cent per year.