9.1 The Basics

What do you mean by a ‘society'? 

A society either a (charitable) Community Benefit Society or a bona fide co-operative. These forms are legal entities allowed to issue withdrawable, non-transferable share capital (community shares). To be eligible for the Booster Programme societies must also meet Power to Change’s definition of a community business - see section 7.3 of the Guidance Notes.

On one of the webinar slides, only Community Benefit Societies were mentioned. What about co-operative societies being eligible?

Yes, co-operative societies are eligible for the Booster Programme, subject to their meeting Power to Change’s definition of a community business - see section 7.3 of the Guidance Notes.

We are a Community Interest Company. Do we need to set up another organisation (a Community Benefit Society) in order to do the community shares offer?

The Booster Programme is only offering matched equity investment in relation to withdrawable, non-transferable share capital (community shares). Only societies (either a (charitable) Community Benefit Society or a bona fide co-operative are legally allowed to issue withdrawable, non-transferable share capital (community shares). Co-operative societies are eligible for the Booster Programme, subject to their meeting Power to Change’s definition of a community business - see section 7.3 of the Guidance Notes.

What is match funding?

Match funding in the broadest sense is any funding which is contingent on or conditional to other funding being in place. The Booster Programme offers in principle to invest in withdrawable, non-transferable share capital (community shares) to match investment raised by local community members in share capital: The Booster Programme will not match grant finance, loan finance or other “institutional” investment of share capital.

How recent is a “recently launched” share offer? Ours was time bound and closed over a year ago.

The Booster Programme is interested in market development and learning and therefore more interested in currently live share offers, but will consider previous share offers if for genuine business reasons the share capital is yet to be deployed.

Could the Booster Programme provide match funding for share capital from a now closed share offer, which we still hold in the bank as we haven’t yet been able to buy our asset?

The Booster Programme is interested in market development and learning and therefore more interested in currently live share offers, but will consider previous share offers if for genuine business reasons the share capital is yet to be deployed.

Do you expect the fund to be sufficient to last for three years?

The current intention is to spread investments over a three year period.

If you have any questions on the content included within the guidance, please contact the team.