Aims/priorities: The Community Business ReBoost Fund is provided by Power to Change and run in partnership with the Community Shares Unit (CSU), a joint initiative between Co-operatives UK and Locality. ReBoost is part of Community Business Renewal Initiative, a £5 million support package. 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.As the ReBoost fund is part funded by the Architectural Heritage Fund, there is also interest in heritage projects that are working with a listed building/a building in a conservation area and are focussed on high street revival and economic resilience.
Applications will be accepted from across England with particular interest, however, in community businesses working in Bradford, Grimsby, Hartlepool, Leicester, Plymouth, Wigan, Liverpool City Region, and Bristol.
Who can apply? The programme is aimed at existing community businesses in England. Power to Change defines community business as having the following four 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: 03 February 2021
Contact information: Community Shares Unit - Tel 0161 214 1762, Email communityshares@uk.coop
Website address: Community Business ReBoost Fund - Power to Change