Stuart Anderson MP is encouraging local community groups in Wolverhampton to apply for funding from the latest round of the £150 million Community Ownership Fund, which will launch its third bidding round on 31st May 2023. The Government has announced that even more community projects will be able to apply for funding to take over invaluable community assets and run them as businesses – by the community, for the community. The Fund is already supporting almost 100 projects across the UK, which are making a genuine difference to their communities and levelling up the places we love. Now, Stuart is urging interested local groups to express their interest in receiving funding. The Fund will run until March 2025, so there is plenty of time for groups to apply.
Stuart welcomed changes to the fund that will make it easier than ever for community groups to take back control of prized local assets at risk of being lost forever – helping to strengthen and level up communities and restore optimism, hope, and pride in the UK. The amount of funding that all projects can bid for will be increasing from £250,000 to £1 million, meaning that groups can bid for more funding to help save bigger projects. The requirement for match-funding is also being reduced. Previously, the 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 greatest need will only need to raise 10%. The new prospectus can be read at: www.gov.uk/government/publications/community-ownership-fund-prospectus.
Successful applicants will receive support from the development support provider, including assistance with developing project business plans, organisational governance and financial planning, and potential access to small revenue grants to secure specialist support. It will help 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 the live of our communities. Helping areas to buy their own local pub, club, or community shop is empowering local people - restoring their pride in the places where they live and growing the economy by saving local businesses.
This Fund is part of the UK Government’s Levelling Up agenda, building opportunity and targeting support towards places where community assets can make the most difference. As set out in the Levelling Up White Paper, Levelling Up is a mission – part economic, part social, part moral – to realise the potential of every place and every person across the UK. To achieve this, it is right that we also think local and consider the infrastructure of everyday life– the community centres, pubs, sporting facilities – that mean so much to local communities. The changes brought in will help more local people to support and continue benefiting from the treasured local institutions that matter to them most. This will also contribute to the Prime Minister’s priority to grow the economy, creating better-paid jobs and opportunity right across the country.
Stuart Anderson MP said: “Many pubs, clubs, and community shops across the UK are already benefiting from our flagship £150 million Community Ownership Fund. To go even further, I am delighted that the Government has made it easier than ever before for local community groups to apply for funding. This is a key part of our agenda to level up by growing the economy and restoring local pride. I would urge interested groups in Wolverhampton to apply for the funding and take part to protect and preserve as many locally prized assets as possible.”
Minister for Levelling Up, Dehenna Davison MP said: “From far-flung pubs to prized community centres, the Community Ownership Fund is putting vital assets back into the hands of communities, to be enjoyed for generations to come. We want even more communities to benefit from the fund and that’s why we are making these changes so community groups can apply for even more money to save much loved local assets. We will continue to grow this fund to empower local people, restoring their pride in the places where they live and levelling up communities across the United Kingdom.”
Applications to bid for round 3 of funding through the Community Ownership Fund will open on 31st May. Further information can be found at www.gov.uk/government/collections/new-levelling-up-and-community-invest….