- Community Business Crowdmatch, a partnership between Crowdfunder and Power to Change which offers extra funding for community businesses has increased the amount of capital raised for community businesses using it by 115%
- Deadline to apply closes Saturday, November 30
Community business Crowdmatch is an opportunity for new and established community businesses to apply for up to £6,000 of extra funding. So far, for every £1 pledged by charitable trust Power to Change, has helped lever £2.15 from the local community. By crowdfunding in this way, community businesses can both benefit from community engage by offering people a chance to support their ideas whilst also boosting the overall amount raised.
Nearly £100,000 from 1,019 supporters has been raised through Community Business Crowdmatch for seven community businesses, with an average pledge of £60.53.
Norwich Mustard is one such success story. When Colman’s announced it was moving production of its mustard out of Norwich after more than 150 years, social entrepreneur Robert Ashton came up with the idea to start Norwich’s own cooperative, community-owned company to produce mustard in the region for many years to come.
More than 180 people donated to the Crowdfunder campaign raising a total of £14,000, £6,000 of which was crowdmatched by Power to Change.
Equal Care Co-op in Halifax, which offers fairly paid social care services, raised £22,050 with 198 supporters, £6,000 of which was matched by Power to Change.
Naomi Sampson, Programme Manager at Power to Change, added: “This partnership with Crowdfunder has allowed community businesses to raise much needed funds, but at the same time it has presented people in their local communities with an opportunity to engage with these businesses where they traditionally might not have before.
“We encourage any existing community businesses or those with an idea for a community business to consider starting a Crowdfunding application to appeal to their local community, with the incentive of having funds matched by Power to Change.”
Jason Nuttall, Programme Director at Crowdfunder, said: “Community businesses have many of the ingredients which help to make crowdfunding a success, they have strong community support and are usually able to offer some great products or services as rewards to backers. Coupling that with match funding from Power to Change all goes to help projects run successful crowdfunding campaigns.
“From football clubs to Phabulous cafes, we’re proud to be supporting communities across the country through the Community Business Crowdmatch.”
Eligible community businesses can seek extra funding from Power to Change on a first-come, first-served basis and funding will be allocated by the end of November 2019.
To apply, community businesses just need to set up their project on the Crowdfunder site and tick the ‘Extra funding’ box. To find out more or apply, visit https://www.crowdfunder.co.uk/funds/community-business-crowdmatch
About Power to Change: Power to Change is the independent trust that supports community businesses in England. Community businesses are locally rooted, community-led, trade for community benefit and make life better for local people. The sector is worth £1.05 billion, and comprises 7,800 community businesses across England who employ 33,600 people. (Source: Community Business Market 2018)
From pubs to libraries; shops to bakeries; swimming pools to solar farms; community businesses are creating great products and services, providing employment and training and transforming lives. Power to Change received its endowment from the National Lottery Community Fund in 2015.
About The National Lottery Community Fund: We are the largest community funder in the UK – we’re proud to award money raised by National Lottery players to communities across England, Scotland, Wales and Northern Ireland. Since June 2004, we have made over 200,000 grants and awarded over £9 billion to projects that have benefited millions of people.
We are passionate about funding great ideas that matter to communities and make a difference to people’s lives. At the heart of everything we do is the belief that when people are in the lead, communities thrive. Thanks to the support of National Lottery players, our funding is open to everyone. We’re privileged to be able to work with the smallest of local groups right up to UK-wide charities, enabling people and communities to bring their ambitions to life.