Our initial estimates for start up costs are shown in the graph below.
The funding for the project will need to come from a variety of sources, which are, to a certain extent interdependent.
The key to a successful community enterprise is widespread community involvement through share ownership. The response so far has been very encouraging and we will be making further opportunities available for people to pledge their support.
There are limited grants available now, but applications will be made. Grant funders require evidence of strong community support.
We will apply to the Community Shares Booster Programme, funded by Co-operatives UK. Our Expression of Interest has been accepted and we will now apply for a Development Grant. If this is successful we will apply for match funding.
We have been awarded a total of £22k in grants to date. £10k from Kent County Council to be drawn down once building work commences, £2k from the David Friday Memorial Fund and £10k from the National Lottery Community Fund.
We are also exploring opportunities for Corporate Sponsors.
Commercial loans are also available but will be expensive and will also require evidence of strong community support.
Our current targets for raising these funds are in the table below. Inevitably these numbers will move about as new sources of funding arise:
|Community Share Issue & Match Funding||£ 85,000|
|External Grants||£ 26,000|
|Community Donations||£ 5,000|
|Corporate Sponsorship||£ 10,000|
|Fund raising||£ 8,000|