There are numerous ways that communities can raise funds from small events which can be labour intensive but can turn around money quickly, for example lotteries, raffles, fairs, street parties, bazaars, afternoon teas, car boots, street fairs, fetes and sponsored events (swims, walks, pub crawls, etc). Large events can be complex to organise but can generate significant amounts of money, including bike rides, fun runs, dinner dances, gala balls and other fundraising events.
Applicant’s Involvement Type: All of costs (payback)
Insurance
Insurance premiums may be reduced by installing resilience measures to minimise future flood damages. A flood risk mitigation survey can be undertaken to identify which measures could be used and also confirm that any such measures have been installed correctly. The insurance company will probably require confirmation of correct installation. The extent of reduction and involvement varies by insurance company.
Business Improvement District (BID)
Your Local Authority will need to assist you with setting up a Business Improvement District. Money is collected through a levy on business rates in the area. A BID is only valid for 5 years. It can take up to 2 years to set up a BID and has high initial costs (£100,000 to £500,000).
The levy funding can be used to lever further funding, for example, from public bodies. Funding could potentially be put towards a flood scheme to decrease risk to businesses and so improve trading conditions.
Community Interest Company (CIC)
In order to gain funding from a variety of sources you may need to become a Community Interest Company (CIC). The level of community involvement varies, some CICs depend on the input of the community whereas others undertake actions on their behalf.
Case Study Example: A community-led partnership was formed by Bucklebury residents with support from the Environment Agency and West Berkshire Council to deliver a flood alleviation for their village in Berkshire. The villagers set up a CIC after the floods of 2007 to enable them to raise funding and to work towards preventing future flooding. The scheme cost £600,000. £65,000 was raised from residents and £550,000 was provided by Bucklebury Parish Council and the Thames Regional Flood Defence Committee. The flood alleviation scheme included building bunds, digging a bypass channel and developing a new ford to divert flood flows around the village.
Home equity loans/refinancing
Property owners who have equity within their properties can release this money through extending their current mortgage or taking out a new mortgage. The money can then be used to fund property level flood resilience measures.
Equity release can be in the form of an additional income, a cash lump sum, or both. The Money Advice Service gives you information on how the different types of equity release scheme work and what you should expect from firms that sell them.
This is quite a quick process, taking only months between making a decision to mortgage or re-mortgage and having flood resilience measures installed.
Charitable Trusts
A Charitable Trust can be established with the specific purpose of dealing with and managing contributions for a particular cause or project. The Trust does not procure funds, but it is a mechanism for obtaining, holding and administering funds. Funds can be collected from the community/general public and is administered and allocated by the Trust. The community members will need to set up the Trust, involving substantial time and commitment. The Trust would then need to raise the funds required and long-term involvement would be needed.
Community Interest Company (CIC)
In order to gain funding from a variety of sources you may need to become a Community Interest Company (CIC). The level of community involvement varies, some CICs depend on the input of the community whereas others undertake actions on their behalf.
Case Study Example: A community-led partnership was formed by Bucklebury residents with support from the Environment Agency and West Berkshire Council to deliver a flood alleviation for their village in Berkshire. The villagers set up a CIC after the floods of 2007 to enable them to raise funding and to work towards preventing future flooding. The scheme cost £600,000. £65,000 was raised from residents and £550,000 was provided by Bucklebury Parish Council and the Thames Regional Flood Defence Committee. The flood alleviation scheme included building bunds, digging a bypass channel and developing a new ford to divert flood flows around the village.
Charitable Trusts
A Charitable Trust can be established with the specific purpose of dealing with and managing contributions for a particular cause or project. The Trust does not procure funds, but it is a mechanism for obtaining, holding and administering funds. Funds can be collected from the community/general public and is administered and allocated by the Trust. The community members will need to set up the Trust, involving substantial time and commitment. The Trust would then need to raise the funds required and long-term involvement would be needed.
Insurance
Insurance premiums may be reduced by installing resilience measures to minimise future flood damages. A flood risk mitigation survey can be undertaken to identify which measures could be used and also to confirm that any such measures have been installed correctly. The insurance company will probably require confirmation of correct installation. The extent of reduction and involvement varies by insurance company.
Home equity loans/refinancing
Property owners who have equity within their properties can release this money through extending their current mortgage or taking out a new mortgage. The money can then be used to fund property level flood resilience measures.
Equity release can be in the form of an additional income, a cash lump sum, or both. The Money Advice Service gives you information on how the different types of equity release scheme work and what you should expect from firms that sell them.
This is quite a quick process, taking only months between making a decision to mortgage or re-mortgage and having flood resilience measures installed.
Community Development Finance Institution (CDFI)
This is a loan granting mechanism. Community Development Finance Institutions provide loans where banks have refused credit. Their website lists loan providers who consider individuals, businesses, charities or social enterprises. The level of funding provided depends on individual circumstances. Funds can be released quickly.