The £150m Community Ownership Fund (COF) was announced in the March 2021 budget as a key part of the funding package put forward by the government to support the levelling up agenda.
On Thursday 15 July the first round of the fund was officially launched with a deadline of 13 August.
The priorities for the first round are to invest in projects which are ready to access capital funding and complete their projects within 6 months. This bidding round will be most suitable for community groups who have done preliminary work and have a viable business plan to take ownership of the local asset or amenity at risk.
The government therefore recommends that interested community groups who are not ready to apply in the first round should start to think about future rounds.