Community businesses are defined as businesses:
- Run by local people
- Trading for the benefit of local people
- For-profit organisations that provide the services that neighbourhoods need to make them thrive.
They can range from community cafes, shops, and pubs through to libraries, lidos, community growing schemes, green energy projects and community housing.
Power to Change was created as a time-limited spend down trust, which had been due to close in 2022. However, the Covid-19 pandemic highlighted just how vital community businesses are to supporting local places, particularly during a crisis.
Power to Change will launch its new business strategy in spring 2021. While it will still continue to invest in community businesses, it will focus on strategic interventions and partnerships designed to strengthen the sector so it is future fit to meet the challenges ahead.
“Elly De Decker, England Director at The National Lottery Community Fund, said: “A year of crisis has meant community organisations and businesses in England have faced financial difficulties due to Covid-19. As the largest funder of community activity in the UK, we know community businesses are rooted in their local communities and make a big difference to local life and people.
“We are pleased to award a further £20 million to Power to Change, to enable them to continue to support community businesses and help rebuild local economies, using funding made possible thanks to National Lottery players.”
Further details of this announcement can be found here.