The Big Lottery Fund has awarded a £150 million endowment to the new charitable trust established to run the Power to Change. The Power to Change will be the largest grant-making foundation of its kind in Europe to launch in recent years, and will provide funding, support and inspiration to existing and new community businesses.
The Power to Change will help transform places and communities in partnership with local people. Support will be available to community businesses at every stage of their journey to help them become a successful and sustainable community business. The Power to Change will also gather evidence, promote learning and raise awareness of the social and economic improvements which are generated by community businesses.
This endowment coincides with the publication of a new report from Social Finance, which conducted an in depth analysis of the state of the community business sector. Researchers found that there are around 4,500 community businesses in England and Wales, with a combined income of £800 million a year and assets of £1 billion. These community businesses employ around 24,000 staff and engage nearly 120,000 volunteers. Read the report here >>>>
Backed by Trinity Mirror and the National Lottery, the charitable trust will be led by newly appointed Chief Executive, Vidhya Alakeson and Chaired by Richard Handover CBE DL. Read the latest story here >>>>
For more information about the Power to Change, click here >>>>
For information about the Big Lottery Fund, click here >>>>
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