The Community Ownership Fund is now open for voluntary and community groups to bid for match funding of up to 50% of the total capital required to acquire important assets and run them as sustainable community businesses for the benefit of the local community. Match funding will be provided up to £250,000 (and up to £1 million to establish a community-owned sports clubs or a sports club at risk). The funding can go towards the funding needed to take ownership, for project development, or for post-acquisition support funding for up to the first year of operation.
The first of 8 bidding rounds is now open as of July 15th, and the deadline for applications is August 13th 2021.
The projects eligible for funding include, but are not limited to:
- Community centres.
- Sporting and leisure facilities.
- Music venues.
- Post office buildings.
Applicants need to provide at least 50% of their total project costs from other sources.
Eligible sources of match funding will include funding from:
- Public bodies.
- Charitable trusts.
- National Lottery funders.
- Community shares.
- Social investors.
- Other lenders.
The following 'in-kind' match funding (otherwise known as 'non-cash' match funding) will also count as an eligible source of match funding:
- Donations of goods.
- Buildings or professional services, including from:
- Community groups.