Supporting community business
In London, great wealth rubs up against the stark reality that almost three in ten children are growing up in persistent poverty, the highest proportion in the UK.
Since 2015, Power to Change has invested heavily in close to 300 community businesses in the capital, many of which are community run pubs, shops and cafes in areas of greatest need. Here, these businesses are improving access for local people to much needed services, enhancing community cohesion and tackling social isolation.
Power to Change and Co-operatives UK, supported by the Mayor of London, are running a new funding pilot designed to boost the capital’s high streets and civic centres by growing London’s social economy and community business sector.
Boosting Community Business London will help existing community organisations become community businesses and back grassroots innovation across the capital. The programme is designed to equip both budding and existing community organisations with the knowledge to refine their business and governance models and take the next steps in successfully raising alternative finance, such as community shares.
Development grants have already been awarded to a group looking to purchase and restore a 1930s pub and bring it into community ownership as a live music pub and creative space, and a local charity looking to develop a community share offer to purchase the building they lease and establish a multi-purpose hub with facilities for high street traders. Both have the potential to breathe new life into their communities and aid wealth creation for local people. Applications are open and funding will be awarded on a first-come, first served basis.
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