Research so far to seek funding for the project
Each member of the Funding Group researched the pros and cons of various methods of funding for all stages of the Project – eg Crowdfunding, Commercial and other Loans, Community Shares, Community Bonds and we have had discussions with several organisations specialising in funding for Community Development. It seems that Lochwinnoch’s ‘Water Project’ is the first of its kind in Scotland! So we delved deeply, to select a suitable method for the ‘best fit’ for Stage 1 of our project – purchasing the land from RC and sinking a ‘test borehole’. Stage 2 will be the development of the site for the operational borehole and for other community benefits.
Funding Method Selected
We have had in-depth discussions with The Scottish Land Fund which is a partnership between the Highland and Islands Enterprise and National Lottery Community Fund and if our Asset Transfer is approved, we will be making application to them to fund the purchase of the site. We concluded, with assistance from a specialist from ‘Scottish Community Finance’ that the ‘best fit’ and simplest method for funding the Test Borehole would be the issue of ‘Community Bonds’, which would be offered for sale to the village residents and wider afield. This is organised by the ‘Scottish Community Fund’, which is now compiling a ‘Community Prospectus’ for the sale of these ‘Community Bonds’. Specific details will announced at our AGM on 9th October 2019, so please put that date in your diary and come and hear how you can invest in your local community.
Now, we must wait for the decision from Renfrewshire Council about our ‘Asset Transfer’ application. This may be a lengthy process – possibly 6 months – we are hopeful for a positive result. Permissions from RC and SEPA are in place for this. Now, we must wait for the decision from Renfrewshire Council about our ‘Asset Transfer’ application. We are currently looking at funding for Stage 2 and other future developments for the benefit of the community. More info on that later.