A £3 million unrestricted grants programme, it is providing established community businesses in England the opportunity to assess, diversify and strengthen their operations to ensure they can navigate the constantly changing coronavirus landscape.
The Community Businesses Renewal Fund is being delivered by Social Investment Business (SIB) on behalf of Power to Change and is providing grants between £10,000 and £20,000.
The money is unrestricted and can be used to:
- Meet the cost of staff at risk due to loss of trading income or end of Coronavirus Job Retention Scheme (furlough);
- Provide community business leaders with time to strengthen capacity, re-plan businesses, diversify income, pursue digital transformation and increase volunteers;
- Meet capital costs of adapting operations;
- Increase diversity in the sector (among staff, volunteers, service users and leaders);
- Develop the future leaders of the community business sector;
- Support partnership working to influence local economic development strategic planning; and
- Enable community businesses providing jobs and training to prepare for rising unemployment.
The Community Business Renewal Fund will have three application rounds. Each round will have a short application window of just three hours as demand is expected to be high. Application guidance is available on the Power to Change website and applications need to be submitted during the following windows:
Round One 3 November 2020 10am – 1pm
Round Two 12 January 2021 10am – 1pm
Round Three 2 March 2021 10am – 1pm