Aims/priorities: Grant funding and matched equity investment are available for existing community business, with charitable purpose, that are based in England to prepare a community share offer to support their recovery from coronavirus/COVID-19 pandemic. The funding is intended to support community businesses to raise community shares capital that can support their recovery, pivot or expand the business in response to coronavirus/COVID-19.
Who can apply? Support is available to community businesses for projects that have a charitable purpose and are for the public benefit. The programme is aimed at existing community businesses in England. Power to Change defines community business as having the following key features:
- Locally rooted.
- Trading for the benefit of the local community
- Broad community impact.
To be eligible to issue a community share offer, applicants must be incorporated as one of the following:
- Community benefit society.
- Co-operative society.
- Charitable community benefit society.
Grant amount: The following support is available:
- Development grants – between £3,000 and £5,000 to prepare a recovery community share offe and be awarded the Community Shares Standard Mark. The grant should be approximately 10% of the community share offer target.
- Match equity investment – typically matching pound for pound up to £25,000 invested by the ReBoost fund. The investment is expected to support at least 12 share offers between November 2020 and April 2021.
Application process: The guidance notes can be found on the Power to Change website on the Community Shares Booster Programme webpage. There is a two-stage application process:
- The first stage is to complete the online expression of interest (EOI). This can be done at any time. Applicants will initially receive a phone call to discuss their EOI and pathway choice. EOIs will then be assessed and applicants will be notified of the result within two weeks.
- Those who are successful will be invited to fill out a full online application.
Deadline: The deadlines for applications are:
- 2 December 2020
- 6 January 2021
- 3 February 2021
Contact information: Community Shares Unit - Te 0161 214 1762, Email firstname.lastname@example.org
Website address: www.powertochange.org.uk