The Big Lottery Fund has just announced that it has endowed £150m to the new trust set up to run Power to Change, the new fund supporting community enterprises.
The announcement coincides with the publication of a new report on the community enterprise sector published by Social Finance and written by Adam Swersky and James Plunkett. The fund will be the largest of its kind in Europe devoted to supporting community enterprises.
The report defines community enterprises as sharing four key characteristics:
- They are started by — and then run by — a local community;
- They derive their strength from being rooted in a physical place;
- Their primary purpose is to generate social value for the local community;
- They trade in goods or services with a view to being independent of grants.
Are you a community enterprise? You can take the Power to Change test online and find out.
Update: Cabinet Office has responded today (22/01/15) to say that it hopes the report will be published towards the end of February.