Power to Change, the independent trust that supports community businesses in England, is launching up to £12 million of emergency support to provide both immediate and medium-term help for community businesses facing a loss of trading income during the coronavirus crisis.
The crisis has highlighted the vital role that community businesses play in reviving local assets, protecting the services that people rely on, and addressing local needs.
The new emergency support includes:
- £7 million in rescue funding for community businesses, offering grants up to £25,000 to contribute towards trading income losses incurred between April and June 2020. This first pot of funding is available to current and previous Power to Change grantees, and to community businesses which are members of Power to Change’s strategic partners – Co-operatives UK, Locality and the Plunkett Foundation – all of whom played a key role in designing this response
- £5 million in recovery funding, to be made available later this year, based on learning from the first pot to help community businesses rebuild and recover strongly from the crisis
Throughout the coronavirus crisis, community businesses have continued to provide essential support in their communities in different places across the country, often serving as a lifeline for those most in need.
This emergency support will to support those organisations and around a thousand more community businesses who are members of Co-operatives UK, Locality and Plunkett Foundation. Those organisations can find out more on the Power to Change website and attend a free webinar about the scheme on 6 May at 10am.
Round 1 opens 12 May 10am – the round will close when it reaches 150 applications. Around £3 million will be awarded to around 150 community businesses.
Round 2 opens 19 May 10am – around £2 million will be awarded to 100 community businesses.
All new applications to Power to Change funding programmes are paused while it focuses on delivering its emergency support. However, those who have already been awarded a grant will receive it as planned.
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