Power to Change Trust’s Community Business Fund has re-opened for applications. Grants of between £50,000 – £300,000 will be available to existing community businesses looking to progress towards self-sufficiency. Businesses supported will be locally rooted; accountable to the community; trading for the benefit of the local community and delivering broad community impact by addressing at least one of the following seven core impact areas:
- Reduce social isolation
- Improve health and wellbeing
- Increase employability
- Create better access to basic services
- Improve local environment
- Enable greater community cohesion
- Foster greater community pride and empowerment
Grants can cover up to 75% of revenue costs for the project e.g. staff salaries, professional fees, 75% of building-related capital and 100% of other capital costs e.g. the purchase of a vehicle. Applicants will be expected to demonstrate that other sources of funding have been or will shortly be confirmed. Projects can last up to three years.
To be eligible, businesses must be incorporated organisations, for example; Charitable Incorporated Organisation; Community Benefit Society; Community Interest Company Limited by Guarantee; Community Interest Company Limited by Shares; Company Limited by Guarantee; Company Limited by Shares; Co-operative Society.
Previous grants have been awarded to a wide range of businesses including: community libraries, bakeries, pubs, farms, hubs, transport, energy schemes, art centres and construction organisations.
Round 6 of the Community Business Fund reopens on Tuesday 11 September and applicants will have until 12 noon on Tuesday 9 October to apply.