A 122-year old pier, two community energy schemes and a Grade II-listed building among those moved into community ownership, thanks to community shares scheme.
The Community Shares Booster programme, funded by Power to Change and run by the Community Shares Unit, provides community businesses with support and match-funding to develop community share offers.
The 10 deals approved through the programme so far have the potential to release nearly £1.4m, according to new analysis.
This analysis, in more detail below, calculates the total investment when adding the amount community businesses aim to raise through their community share offers to the match-funding available from Power to Change when they do so.
In addition to the £1.4m, Power to Change has pledged more than £76,000 in helping the 10 community businesses prepare their community share offers.
The latest five organisations receiving support are Shotley Pier, Whistlewood Common Limited, Pennine Community Power and Grimsby Community Energy.
Simon Borkin, Community Shares Unit Programme Development Lead, said:
‘Community shares are a fantastic way for local people to own a part of a local business, influence its direction and invest in a business that serves a community purpose’.
Ged Devlin, Programme Manager at Power to Change, said:
‘A community share offer can help make community businesses more resilient and give local people more control. But they need to be prepared and marketed right to get community buy in – that’s where the Community Shares Booster programme comes in’.
The full list of community businesses receiving support through Power to Change’s Booster Programme is:
- Friends of Stretford Public Hall
- Leeds Community Homes
- Sutton Community Farm
- Heart of Hastings Community Land Trust
- Nenthead Chapel Enterprises Ltd
- Whistlewood Common Limited
- Pennine Community Power Limited
- Grimsby Community Energy Limited
- Shotley Heritage Community Business Society Limited
- Bamford Community Society