Power to Change have advised the following key changes to be aware of for Round 8:
- We have £3million available to spend for Round 8 and are expecting to progress around 27 applications, of which about 17 will receive funding.
- Through Round 8 we expect to invest approximately £1million to applications from the areas listed on pg. 11 of the application guidance. This means that for Round 8 we are expecting to fund 5 applications from these areas that are of particular interest to us. For organisations not based in these areas, we are expecting to award approximately £2million in total to about 12 organisations in Round 8.
- Luton is no longer in the list of areas we are particularly interested in included on pg. 11 of the application guidance.
- If an application of strategic importance to Power to Change (e.g. located in one of the places listed on pg. 11 of the application guidance) shows potential but has specific issues to be addressed before it could progress to assessment, we may offer development support. If this support is successfully completed, the application could progress to assessment without the need to submit a new application. However, this does not guarantee the application would then be successful. (see pg. 16 of the guidance)
- We have clarified that if an applicant currently has no trading history, we will require robust evidence to demonstrate that trading income forecasts are realistic and based on viable market research.
- We’ve specifically changed our wording to refer to the funding we offer through this programme as ‘investments’ rather than ‘grants’. This is because, although all the offers made will be non-repayable, we consider the funding we put into community businesses as an investment into the people, places and ideas applicants share with us.
If you would like to find out more, sign up to the webinar here which is taking place at 2pm on Thursday 12 September:
The fund will open on 11 September 2019 and community businesses will have until midday on 9 October 2019 to apply.
Centre4 is 1 of only 6 catalyst organisations working with Power to Change through the Empowering Places project. Centre4 has kindly offered to provide insight about their experiences and some support if required. It may strengthen your organisations application if you are engaging with the local Empowering Places team. If your organisation is thinking of applying for the Community Business Fund then you are welcome to get in touch with Paul Gutherson, Programme Coordinator, contact details firstname.lastname@example.org t: 01472236688 m: 07543254581
If you would like support with your application the please do get in touch.