The Big Lottery Fund and Carnegie UK Trust are delighted to announce that, following an open procurement process, a consortium led by Development Trusts Association Scotland was selected to establish a Scottish Community Shares Support Service.
Due to be operational by May 2014, the Scottish Community Shares Support service will raise awareness and promote the use of community shares in Scotland, provide direct support to local communities thinking of pursuing community shares and create a one stop shop for people interested in learning more.
Through stimulating the growth of community share issues, the Fund and Carnegie UK Trust hope communities will enjoy greater access to a range of different types of investment opportunity; increased involvement from community members in the running of local services and facilities; and greater freedom from the constraints of more traditional funding streams.
The consortium brings together Development Trust Association Scotland, Cooperatives UK, Plunkett Foundation and Rocket Science. The contract is worth nearly £800,000 and will fund the establishment, promotion and running costs of the service for three years.
Community shares are sales of (withdrawable) shares or bonds from communities, to finance ventures serving a community purpose, by community benefit societies or cooperatives, registered with the Financial Conduct Authority.
Further information on the launch of this service will be available shortly from DTAS.