Power to Change Announces £10m Community Business Fund

Power to Change is an independent charitable trust set up in January 2015 with a £150 million endowment from the Big Lottery Fund. Its role is to support community businesses in order to create better places across England over the next 10 years.

Community businesses in England can apply for grants of between £50,000 and £300,000 in three funding rounds in 2016. The funding is intended to increase the social impact of the community business, and make it more viable in the long term by increasing traded income, securing an asset or reducing revenue costs.

To be eligible, projects must have a charitable purpose, be for the public benefit and share one or more of the following impact goals:

  • 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 of between £50,000 and £300,000 are to 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.

Projects must be ready to start within six months and can last between 18 months to three years in total.

Power to Change will not fund the full costs of the project. Match funding of at least 25% is required. Applicants should have other sources of funding either confirmed or close to confirmation to show that the project is viable.

To find out more click here; http://www.thepowertochange.org.uk/

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