Power to Change has announced a new £5m scheme to help community businesses facing a loss of trading income under the Covid-19 lockdown.
Co‑operatives UK has helped to develop the Covid‑19 Emergency Trading Income Support Scheme, which makes grants of up to £25,000 available to community businesses who are members of Co‑operatives UK, Locality or Plunkett Foundation – or who have received an investment from Power to Change in the past.
“We’re delighted to be involved in shaping this emergency funding for our community business members, who can apply for a contribution to replace lost trading income due to the pandemic,” said head of development unit James de le Vingne.
“The scheme is likely to be highly competitive so we urge our members to act quickly as the first funding round will close once 150 applications have been submitted.”
There are two funding rounds: the first opens for applications at 10am on 12 May. The round will close when it reaches 150 applications. Around £3m will be awarded to around 150 community businesses.
Round 2 opens for applications at 10am on 19 May. Around £2m will be awarded to around 100 community businesses.
Co-operatives UK will email its eligible community businesses members with a link to the pre-application form the day before each round opens (11 May and 18 May).
A free webinar takes place at 11am on 6 May for anyone interested in finding out more about the scheme and the application process. There are also some Frequently Asked Questions on the Power to Change website.