Raising the Funds
Getting into the Flow
In the early stages, once we realised the existing post office shop was in danger of either being sold or closing, we organised an open meeting in the village hall and secured £100,000 worth of pledges from local residents via simple ‘show of hands’ to support the project. This encouragement from the community put us in a confident position to apply for more funding.
Fired with enthusiasm, we approached the Parish Council to secure a Building Works Loan to purchase the premises and business for £350,000.00 from the outgoing / retiring owners. This represented our largest, and most crucial, funding requirement.
In addition CFCS secured substantial sums of almost £10k in grants and further low interest loans from North Yorkshire County Council, Selby District Council, and the local Parish Council.
Set-up costs from council grants, donations, fund-raisers, rate reliefs, specific support from community programmes; all played their part in keeping our funding flow moving in the right direction.
Thanks to the Business Plan, we knew how much we needed and when.
Once we had the company set up, and a working bank account, funds could begin to flow into the new company - like water from different taps into the same bucket.
Identify your needs
Before requesting any support it is important to identify your needs ahead of applying – this way the source of the grant has a clear picture of what you are hoping to achieve, and is more likely to be receptive to your aims.
Pencil in amounts for specific purposes – for example, some items on our initial list included wheelchair access ramps, furniture for a community hub area (‘knit & natter’ & Dementia café), barcode scanners and a laptop for stock management etc.
Research potential funding sources
Your local council should be able to advise you on likely sources of funding or you could subscribe to a national database of funders like Funding Central. There might be specific grants available that would be benefit different aspects of the community shop that you had not initially considered. Please read our section on Funding for a huge list of the funding options we considered.
Be thorough
Don’t forget to carefully check eligibility & timescales of any funding bids or you could waste a lot of time and effort. Also read any guidance notes as these will offer clues to what investors are looking for. Aim to give accurate & succinct answers to questions.
Share the passion
The format of funding submissions may appear to be formal and restrictive. If possible try to convey your belief and strength of feeling in the proposal from your community. Short anecdotes or testimonials can really bring your narrative to life.
Ask for feedback
Even if your application fails, attempt to get feedback from the funding body (especially on any weaknesses or gaps) so that you can apply this to improve your next effort.
Don’t give up!
Funding is too important in your project, so putting in time and effort will greatly enhance you chances of success!
