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Access – the Foundation for Social Investment has announced continued support for the Booster Fund with an addition of £560,000. This will help enable more communities to apply for flexible funding for at least another year. The current round was due to end this month.
The additional funds will help more communities across England to raise their own patient, flexible finance in the form of community shares.
Community shares are a way for local people to invest in local businesses by buying shares, becoming co-owners and having a say in how the business is run. This could be, for example, turning an old building into a community hub.
The following support continues to be available:
- Pre-grant support: A few days support for early-stage activity to get started.
- Development grants of between £2,000 and £15,000, averaging around £8,000, to prepare a community share offer.
- Equity match investment ranging from £10,000 to £100,000, although the typical investment is expected to be £20,000 to £50,000.
- Subscription underwriting: An interest-free repayable loan to enable people to buy shares through instalments over a maximum of 12 months, with the society receiving the full investment upfront.
- Loan finance: may be available from Co-operative and Community Finance (CCF).
The Fund is keen to support groups in several areas including:
- Revive and take ownership of local assets, particularly in areas of high disadvantage.
- Protect the services in their local area upon which people rely.
- Tackle issues relating to climate and nature crises.
- Swap out expensive debt or re-financing.
- Grow and scale the impact of existing community businesses.
- Meet the critical needs of their communities.
- Create broad and diverse local membership and control.
There is a two-stage application process.
Expressions of Interest can be made at any time.
