Community Ownership Fund – updated prospectus and increased matched capital funding level

Running until March 2025, the £150 million Community Ownership Fund aims to ensure that local people across the UK can support and continue benefiting from treasured local institutions whose future may be in doubt. Whether it’s the pub on the high street that’s facing closure, a village shop or a local sports team that might lose its ground, the Fund offers a great opportunity for local groups to take them over and to run them as businesses – by the community, for the community.

Open to incorporated voluntary and community organisations, CICs, CIOs, Co-operatives including community Benefit Societies, and now also parish, town and community councils until 11 October 2023 (11:59am), applicants can apply for up to £2 million matched capital funding for all asset types. You can also apply for revenue funding in addition to capital funding.

What are assets?

There is no definitive list of asset types as it is recognised that it is important for communities to identify what matters most to them, but the asset you are trying to save must have either a current or past community use where there is no time limit on when the asset was last used by the community.

Successful projects that have been funded include:

• community centres
• sporting and leisure facilities
• pubs
• arts and cultural buildings
• heritage buildings

In an update to the prospectus, other changes since Round 2 have occurred alongside the increased matched funding level and welcoming applications from parish, town and community councils.

You can read further on the changes in full in section 15.

How to Apply

The first stage is the approval of an Expression of Interest (EOI) form, which will confirm whether your project proposal is likely to be eligible for funding. You can Express your interest in the fund all year round. They run 4 bidding windows per year, so you will have an opportunity to apply approximately every 3 months until March 2025. 

You must submit your EOI at least 3 weeks before the closure of the bidding window in which you want to apply to allow time to receive feedback and then to submit your application. The next deadline is 11 October 2023 (11:59am).

Support

The development support provider, myCommunity, offers initial support and advice to all interested applicants up to the EOI stage. This includes explaining the eligibility requirements and offering top tips on setting your project up for success. After the EOI stage, certain applicants will be able to access in-depth support for the development of their application and business case. Contact myCommunity via their website.

For more information see Community Ownership Fund prospectus