The new initiative Boosting Community Business London, delivered in partnership with Power to Change and Cooperatives UK, and part of a new package of measures under the High Streets recovery mission, is designed to: a) support local groups to set up and grow a community business, which are profit-generating organisations, run by and trading for the benefit of local people, and b) support new and existing community businesses looking to expand operations or secure assets through community shares – a form of equity investment.
Community businesses are profit-generating organisations, run by and trading for the benefit of local people, with local impact and accountability baked into their governance and legal structures. One of the reasons we’re interested in community businesses is because they are proven to bring resilience, stability and economic benefits to local places and high streets.
The programme will offer development grants totalling £150,000 with which groups can access specialist support and expertise spanning legal, governance and support developing share offers.
The deadlines for the light-touch Track 1 applications to the Boosting Community Business London Programme have been extended to 12th March.