Power to Change is launching its new £10 million Community Business Fund to Round 1 applications on 26 April 2016.
The Community Business Fund is to support the development of sustainable community-led enterprises across England to help more people respond to local need and opportunity, and change the places in which they live for the better.
Grants of between £50,000 and £300,000 will be available over three funding rounds to help existing locally based and community-led businesses in England to increase their social impact and make them more viable in the long term.
Applications will only be accepted from community businesses, which must share the following four key features:
- Locally rooted – they are rooted in a particular geographical place and respond to its needs, for example high levels of urban deprivation or rural isolation.
- Accountable to local community – they are accountable to local people. This can be demonstrated in many ways but the organisation must have evidence of regular community influence on the business.
- Trading for benefit of local community – they are businesses and their income comes from activities like renting out space in their buildings, trading as cafes or selling the produce they grow.
- Broad community impact – they benefit the community as a whole and can clearly evidence the positive social impact on the broader community.
The grants can be used for the following:
- Capital costs including building, vehicles, equipment of significant value, refurbishment costs.
- Project-specific revenue costs like staff costs, professional fees, volunteer costs.
The fund opens to online applications from 26 April 2016.
A preview of the application form questions is available in the Guidance for Applicants document and all details are on the Power to Change website.