Community businesses dealing with Covid may have hope thanks to a new £3 million grant fund.
On November 3, a new £3 million award scheme for community enterprises working in regions of acute economic deprivation in England will begin. The fund, which is managed by Social Investment Business (SIB) on behalf of the Power to Change independent trust, allows businesses to examine, diversify, and enhance their operations in order to better navigate the constantly shifting coronavirus scenario.
Any community enterprise that was financially sustainable before to the epidemic may be eligible for grants ranging from £10,000 to £20,000. Priority will be given to organizations that serve people who are more vulnerable to Covid-19, operate in high-poverty locations, or work directly with Black, Asian, and Minority Ethnic (BAME) populations.
The funds can be utilized for the following purposes:
There will be three application rounds for the Community Business Renewal Fund. Because demand is likely to be high, each round will have a three-hour application window. The Power to Change website has application instructions, and applications must be filed during the following windows:
Round One: 3 November 2010 from 10 a.m. to 1 p.m.
Round 2 will be held on January 12th, 2020 from 10 a.m. to 1 p.m.
Round 3 will be held on March 2nd from 10 a.m. to 1 p.m.
Power to Change is presenting a webinar on Tuesday, October 20th, where potential applicants can learn more about the fund, understand the application criteria, and be led through the application process. Make a reservation here.
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“For many community companies, lockdown was all about immediate survival,” said Vidhya Alakeson, CEO of Power to Change.
“The next phase of the pandemic is more subtle and changeable, and community businesses will need to establish resilience in order to successfully manage the challenges ahead.
“For some, this may entail minor changes to their operations, while for others, it would necessitate a total rethink of their company model.
“That is why the Community Business Renewal Fund will offer unlimited grants, allowing community business leaders to put the money to the best use possible – after all, they are the experts in their field.”
“If we want to establish stronger, more resilient organizations that help generate fairer local economies, community enterprises must play a major and vital part in the recovery,” said Nick Temple, Social Investment Business leader.
“The available unrestricted grants.” Brinkwire Summary News.