Aims/priorities: The Booster Fund supports new and existing community businesses in England that are at all stages of launching a community share issue.
This includes the very early stages of exploring whether it is the right choice, through planning a community share issue to being ready to launch, or in exceptional cases, recently launched
The fund is expected to remain open for applications until 2025, with monthly assessment panels.
Who can apply? To be eligible for grant or equity funding, applicants must meet the following:
- Based in England
- Have charitable purpose
- Have a trading model.
- Show the values of a community business:
Rooted locally
Accountable to the local community
Trade for the benefit of the community
Have broad community impact.
Applicants must be incorporated as one of the following, or willing to convert to one, or set one up:
- Community benefit society.
- Co-operative society.
- Charitable community benefit society.
They must be exploring or aiming to issue a community share offer, or already launched a community share offer.
Grant amount: The following support is available:
- Pre-grant support: A few days support for early-stage activity to get started.
- Development grants of between £2,000 and £15,000, averaging around £5,000, to prepare a community share offer. This support can cover financial planning, governance support, marketing costs and being assessed for the Community Shares Standard Mark.
- Equity match investment ranging from £10,000 to £100,000, although the typical investment is expected to be £20,000 to £50,000. This is an offer of investment to match money raised from the community, providing the minimum share offer target is achieved. Applications for equity match are open to community businesses that are investment ready, including those that have already launched their share offers.
- Subscription underwriting: If affordability is an issue for community investors, Co-operative and Community Finance (CCF) can offer an interest-free repayable loan to enable people to buy shares through instalments over a maximum of 12 months, with the society receiving the full investment upfront.
- Loan finance: may be available from Co-operative and Community Finance (CCF). This loan finance can be up to £75,000, in most cases as unsecured lending, but could rise to £150,000, especially where there is an option to secure against land or property. CCF can also help broker larger finance deals, as appropriate.
Full details are in the guidance notes.
Application process: Applications are accepted on a rolling basis. The Booster Fund Investment Panel meets every four to six weeks.
Guidance notes and the online Expression of Interest form can be found on the Co-operatives UK website.
There is a two-stage application process:
- Stage one is to submit the Expression of Interest Form. Applications are accepted on a rolling basis. Decisions are made by email within about two weeks.
- Stage two applications are by invitation only. Decisions on full applications will be usually made within six to eight weeks of application.
Deadline: Applications are accepted on a rolling basis.
Contact information: Email: communityshares@uk.coop