Power to Change is launching up to £12 million of emergency support to provide both immediate and medium-term help for community businesses facing a loss of trading income during the coronavirus crisis. The crisis has highlighted the vital role that community businesses play in reviving local assets, protecting the services that people rely on, and addressing local needs.
The new emergency support includes:
- £7 million in rescue funding for community businesses, offering grants up to £25,000 to contribute towards trading income losses incurred between April and June 2020. This first pot of funding is available to current and previous Power to Change grantees, and to community businesses which are members of Power to Change’s strategic partners – Plunkett, Cooperatives UK or Locality – all of whom played a key role in designing this response.
- £5 million in recovery funding, to be made available later this year, based on learning from the first pot to help community businesses rebuild and recover strongly from the crisis.
Plunkett’s Chief executive James Alcock has welcomed the announcement. He said: “Since the coronavirus crisis hit the UK, and through the ensuing lockdown, community businesses have faced myriad challenges, many of which have resulted in a dramatic loss of trading. Some businesses, such as a number of community pubs, had no other choice but to close their doors completely.
“This support scheme is absolutely vital and will help community businesses facing a loss of trade during this crisis. I am delighted that together Power to Change, Plunkett, Cooperatives UK and Locality will be able to help support businesses financially at this time.”
The new £5 million C-19 Emergency Trading Income Support Scheme aims to help community businesses in England facing a loss of trading income in light of the COVID-19 crisis. The support is for community businesses that have received an investment from Power to Change in the past, as well as community businesses who are members of Plunkett, Cooperatives UK or Locality. This scheme is highly competitive so community businesses are advised to read the guidance notes below thoroughly before considering an application.
The C-19 Emergency Trading Income Support scheme will open for applications in two rounds in May across two weeks:
10 AM 12 May. Round 1 opens for applications.
Power to Change will close the round when we reach 150 applications. They will be awarding around £3million to around 150 community businesses.
10 AM 19 May. Round 2 opens for applications.
Power to Change will be awarding around £2million to around 100 community businesses.
Along with Plunkett, Cooperatives UK and Locality, Power to Change will be in touch with eligible community businesses with a link to the pre-application form.