The project’s new charitable Community Benefit Society, Congresbury Village Hall Limited, has been awarded a grant through Power to Change, the independent charitable trust endowed with £150 million from the Big Lottery Fund to support and develop community business for charitable purposes. The £10,000 grant will enable us to develop the Community share offer and business plan to raise the funds required to complete the building.
Ian Sheppard for the project said, “We’re delighted we have been supported in the business development of this share offer through the Booster Programme which is funded by Power to Change and run by the Community Shares Unit. We have applied for investment from the Community Shares Booster Programme. Under this programme, up to £100,000 is available to match applications for shares from the public. Congresbury Village Hall Limited is in negotiations to secure an equity investment from the Booster Programme for this offer. If successful, it would mean that for every pound invested by individuals up to £100,000, another pound will be invested in matched shares.”
“We believe putting business in community hands for charitable purposes transforms places.” said David Chater, Head of Funds at Power to Change. “This £10,000 grant will help Congresbury Village Hall Limited become less grant-dependent and provide much needed services for local people to meet charitable needs.”
“The Booster Programme is a great opportunity for groups to develop an idea that can innovatively use community shares as a funding mechanism to develop, grow and sustain community businesses” said Alice Wharton, Programme Manager at the Community Shares Unit.
The project team will work on the share offer over the next few months.