Parliamentary Under-Secretary of State for Levelling Up (): Last Friday I announced
that the £150 million Community Ownership Fund, which will launch
its third bidding round on 31st May 2023, has
published a new prospectus detailing positive changes to the
eligibility requirements of the programme. The new prospectus can
be found on Gov.uk here: https://www.gov.uk/government/publications/community-ownership-fund-prospectus(opens
in a new tab) .
A summary of the key changes to the eligibility requirements for
the relaunch of the Fund include:
- Increasing the amount of funding all projects can bid for
from £250,000 to £1 million;
- Reducing the match funding requirement; where previously the
Community Ownership Fund would contribute up to 50% of total
capital funds required, it will now contribute up to 80% of the
total capital funds required, with applicants required to raise
the other 20% from other sources of funding. Projects in areas of
the greatest need will only need to raise 10%; and
- Allowing parish councils (and their equivalent town and
community councils) to apply in the same way that community
groups do now.
These changes will allow more assets to be saved across the UK
and will come in from Round 3 onwards.
Coupled with support from the Fund’s development support
provider, who will provide assistance with developing project
business plans, organisational governance and financial planning,
and potential access to small revenue grants to secure specialist
support. These measures will help support as many community
groups as possible to save their treasured local assets, ensuring
that important parts of our social fabric, such as pubs, sports
clubs, theatres, and post office buildings, continue to play a
central role in towns and villages across the UK. These changes
are explained in full in the updated prospectus available on
Gov.uk.
The Community Fund is already supporting almost 100 projects
across the UK such as the Leigh Spinners Mill in Greater
Manchester; the Queen’s Ballroom in Blaenau Gwent, Wales; St
Columb's Hall in Derry City and Strabane, Northern Ireland; and
the UK’s most remote pub, The Old Forge, in the Scottish
Highlands. These projects are already making a genuine difference
to their communities. I look forward to supporting many more
small but mighty local assets across the United Kingdom,
levelling up the places we love and cherish.
Interested groups can submit an Expression of Interest form to
start their application process at any time. The Fund will be
running until March 2025, so there is plenty of opportunity for
interested groups to apply to take over invaluable community
assets and to run them as businesses – by the community, for the
community.
