{"id":15446,"date":"2021-03-16T08:00:25","date_gmt":"2021-03-16T08:00:25","guid":{"rendered":"https:\/\/www.powertochange.org.uk\/?post_type=news_post&p=15446"},"modified":"2021-08-16T17:48:00","modified_gmt":"2021-08-16T16:48:00","slug":"power-to-change-to-remain-open-for-business-with-new-national-lottery-investment","status":"publish","type":"post","link":"https:\/\/www.powertochange.org.uk\/news\/power-to-change-to-remain-open-for-business-with-new-national-lottery-investment\/","title":{"rendered":"Power to Change to remain open for business with new National Lottery investment"},"content":{"rendered":"

Power to Change – which supports communities to create better places through business – has secured \u00a320milllion in funding from The National Lottery Community Fund. The money will enable the organisation to remain open to help community businesses navigate the Covid-19 recovery and build on its six-year legacy, which has seen community businesses in England more than double to 11,000.<\/p>\n

Run by local people, trading for the benefit of local people, community businesses are for-profit organisations that provide the services that neighbourhoods need to make them thrive. Community businesses are diverse and can range from community cafes, shops and pubs through to libraries, lidos, community growing schemes, green energy projects and community housing.<\/p>\n

This new injection of capital, from the largest funder of community activity in the UK, will enable Power to Change to continue its work to support and grow community businesses for at least five more years. The organisation, which was created as a time-limited spend down trust, had been due to close in 2022. However, the Covid-19 pandemic highlighted just how vital community businesses are to supporting local places, particularly during a crisis. They will be equally as important during the recovery, as the country seeks to \u2018level-up\u2019 and will need to be build resilience and capacity to manage future social and economic shocks.<\/p>\n

Community businesses are the building blocks of the nation\u2019s economy and are\u00a0vital to\u00a0the\u00a0success of our recovery\u00a0from the pandemic.\u00a0They make places better by helping to retain local wealth and prosperity, with 56p of every pound spent in a community business stays\u00a0in the local economy.\u00a0For people furthest away from the job market, they create\u00a0good\u00a0local jobs and training opportunities \u2013 community businesses employed 37,000 people in 2020.<\/p>\n

Vidhya Alakeson, CEO of Power to Change, <\/strong>said: \u201cThe huge variety of ways community businesses stepped up to support local people during the pandemic was truly inspirational \u2013 they ensured no one was left behind. As we move through the recovery, it\u2019s vital that we do everything we can to help these businesses navigate what will be a tricky path so they can remain viable for their communities.\u201d<\/p>\n

Power to Change will launch its new business strategy in spring 2021. While it will still continue to invest in community businesses, it will focus on strategic interventions and partnerships designed to strengthen the sector so it is future fit to meet the challenges ahead.<\/p>\n

\u201cThis new National Lottery investment, made possible thanks to National Lottery players, will enable Power to Change to strengthen the resilience and capacity of community businesses, so they can help rebuild our local economies and tackle the big challenges and inequalities people are facing right on their doorsteps that have been exacerbated by the pandemic,\u201d added Vidhya.<\/p>\n

Elly De Decker, England Director at The National Lottery Community Fund, <\/strong>said: \u201cA year of crisis has meant community organisations and businesses in England have faced financial difficulties due to Covid-19.\u00a0 As the largest funder of community activity in the UK, we know community businesses are rooted in their local communities and make a big difference to local life and people.<\/p>\n

\u201cWe are pleased to award a further \u00a320 million to Power to Change, to enable them to continue to support community businesses and help rebuild local economies, using funding made possible thanks to National Lottery players.\u201d<\/p>\n

National Lottery players raise \u00a330 million each week for good causes throughout the UK.<\/p>\n

News of the new National Lottery investment comes as Power to Change publishes its report Community business: The power on your doorstep<\/em> outlining the impact the organisation has had on communities over the last six years with its initial National Lottery investment.<\/p>\n

Power to Change has:<\/strong><\/p>\n