Rebecca is excited about the new initiative set up by this government, voluntary and community groups can bid for funding to acquire important assets, including pubs, so they can run them for the benefit of the local community. The Community Ownership Fund is a £150 million fund over 4 years to support community groups that are in danger of closing.
Today £12.3 million was allocated to businesses to 45 businesses across the UK.
This is just the latest round of funding as the Conservative Government continues to deliver on its levelling up agenda, spreading opportunities and prosperity across the country, whilst also delivering on its five priorities to halve inflation, grow the economy, reduce debt, cut waiting lists and stop the boats.
An institution is eligible if it complies with the following guidelines
- Is an incorporated voluntary and community organisation or a parish, town and community council
- Can buy the asset freehold, or the long-term leasehold of at least 15 years with reasonable break clauses
- Is the same organisation that will receive the funding and run the project
The full eligibility requirements can be found here
The first stage is the approval of an Expression of Interest form which will confirm whether your project proposal is likely to be eligible.
The expression of interest stage is always open, so you can apply at any stage. However, applications will be considered 4 times a year at regular intervals. Applications must be submitted by 11.59AM on each window’s respective closing date. The Fund closes permanently in March of 2025.
The turnaround time for applicants to receive their expression of interest outcome letter is 3 weeks.
The next bidding window opened on 30th August and will close at 11.59 AM on the 11th October.
To fill out an Expression of Interest, please click here
Rebecca said: ‘This is a really exciting opportunities for local community hubs across Castle Point and I would recommend all those who know an eligible business, to recommend they get involved!’
