New service launched to grow a sustainable market for community shares
A new service for the growing number of communities wanting to raise finance for co-operative and community-owned enterprises was launched on Friday by the Minister for Communities and Local Government, Don Foster.
For residents wanting to save their local pub, fans aiming to take ownership of their football club or local people intending to produce their own renewable energy together, community share offers are proving a vital lifeline for communities across the country.
Registrations of such enterprises have tripled over recent years, with increasing numbers raising capital through 'community share' offers, where money is invested co-operatively by local people as members in local enterprises.
Since 2009, according to new figures also released today, fifteen thousand people have invested in over 100 community share issues, raising over £15 million. The leading community share offers include energy co-operatives, football clubs and local pubs.
Communities and Local Government Minister Don Foster launched the Community Shares Unit as part of his keynote address at the Community Development Finance Association annual conference today. The government-backed service is run by Co-operatives UK and Locality, and is now open for business. For more information visit http://www.communityshares.org.uk.