3.2.2 Purpose of the programme
The purpose of the Booster Programme is to build on the pilot rationale and continue to support groups to overcome three critical challenges when seeking to raise finance through a community share offer:
- Communities are unable to launch a share offer due to perceived and real constraints at the development stage
- Communities, especially more disadvantaged groups, face a series of challenges during the share offer which prevents them meeting their targets or proceed with the venture due to external factors
- Communities develop and launch their share offer having not adopted good practice guidance, leading to growing levels of poor practice which may in turn weaken consumer confidence, threatening the community shares market as a whole
Secondly, it is to realise the second purpose of the pilot - determining an intermediated structure that can continue to invest on pari-passu terms and achieve long-term sustainability for such a funding initiative. It will also expand on this objective, to determine the ability for an institutional investor to provide ongoing value to societies as an “active member” providing guidance and oversight through the established co-operative governance structures of participating societies.