Bidding in round one of the government’s £150m Community Ownership Fund opened on runs until 13 August.
Co-operatives UK says it sees “exciting potential for the fund to support a wave of community ownership and we’re eager to support organisations to seize this opportunity, where we can”.
The fund offers:
- Capital grants of up to £250,000 to meet up to 50 per cent of the capital costs of acquiring an at risk community asset (in exceptional cases up to £1 million where sports clubs/facilities are concerned)
- Part of the capital grant can also be awarded to help meet renovation costs, so long as this is combined with acquisition
- Revenue grants of up to £50,000, awarded on a non-match basis, to cover project development costs and to provide working capital post-acquisition
- Must be incorporated, have a clear community purpose, an ‘asset lock’ that is either statutory (e.g. in a community benefit society) or rules-based (e.g. in a co-operative society)
- Must be controlled by and/or accountable to the beneficiary community
- Co-operative and community benefit societies, community interests companies, charities and companies limited by guarantee are all eligible.
Round two will be in December 2021 and round three in May 2022.