Co-operatives UK, Crowdfunder and Access, The Foundation for Social Investment are working together to support community businesses in England to invest in greener ways of operating.
The £250,000 Energy Efficiency Sharematch fund will support Co-operative Societies, Community Benefit Societies and Charitable Community Benefit Societies based in England to raise investment to undertake activity which reduces their energy usage or identifies alternative sources of energy and therefore leads to a reduction of both carbon footprint and energy bills of the organisation's operation.
These activities could include but are not limited to:
- Installation of new on-site energy/heating generation measures (eg solar panels, heat pumps).
- Installation of new energy efficiency measures in a building (eg insulation, LED lighting, double glazing, draft-proofing, improved doors).
- Improvements to other aspects of operations (eg, changes to more energy efficient equipment, transport upgrade).
The scheme will provide grant funding to match money raised in community shares. The grant funding is intended to accelerate the speed and amount raised from the community.
Most grants are expected to be between £10,000 and 15,000, with the minimum grant being £5,000 and the default maximum being £30,000. Two grants of £50,000 each will be awarded to organisations in IMD 1-3 areas, and/or led by under-represented groups who demonstrate exceptional circumstances.
The funders 'would ordinarily expect' to match money raised through the Crowdfunder platform in community shares investments on the basis of 25-33% match of the total raised, up to the maximum grant amounts.
The Fund is provided by Access - The Foundation for Social Investment using funds from the Dormant Assets Scheme, which redirects money from forgotten accounts to good causes.
The first step in the application process is to complete the Expression of Interest form. Those who are eligible will be invited to apply through the Crowdfunder platform.
The Fund will run until March 2025, with the ambition to award all funds before this time.
There are currently no deadlines for applications.
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