The fund has recently been launched and is part funded by the European Regional Development Fund and Welsh Government.
The Community Asset Development Fund (CADF) supports social businesses that are aiming to bring an asset into community ownership - either by:
- purchasing the asset
- purchasing and renovating the asset
- renovating an existing asset that is not in full use
- equipping an asset
Organisations will be able to apply for up to £150,000 in West Wales and the Valleys (WWV) and £100,000 in East Wales (EW). Match funding of at least 40% in WWV and 50% in EW is required. For example, to access £150,000 of funding in WWV would mean you need to provide £100,000 of additional match funding.
CADF is 40% grant and 60% repayable assistance. How much you repay will be dependent on how much the organisation's income increases.