Funding news

Unit to be launched to help communities with 'Right to Bid' - 20 June 2012

A government-backed Community Shares Unit will be launched later this year to support communities that want to raise investment and buy local resources.

The Right to Bid is part of the Localism Act that was passed in late 2011 and gives community groups the right to buy local assets such as pubs, shops and libraries.

This new unit will build on the work of an existing project, Community Shares, which has studied and supported community shares over the past few years. The unit will be funded by the Communities and Local Government department and will be run as a partnership between Locality, the umbrella body for community infrastructure organisations, and Co-operatives UK, the body for community ownership. Several other bodies will sit on a steering group.

The unit will aim to support 500 social ventures and back 200 share issues. It will act as a central resource for social investment intermediaries, government and other stakeholders. It will also collect data and publish best practice.

For more details, see the Third Sector article.