What does COBIZ mean in General Business?

Community business

Communities come together and set up community businesses to address challenges they face together. There are many types of community business including shops, farms, pubs and call centres. What they all have in common is that they are accountable to their community and that the profits they generate deliver positive local impact, such as boosting the local economy. Similar to social enterprises, community businesses are committed to positively benefiting society through trading in a sustainable way. All profit from a community business is reinvested in the local area. Unlike social enterprises, community businesses are focused on benefiting a specific local geographic area. Community businesses also have similarities to place-based charitable trusts which manage assets. However, a community business is accountable to its beneficiary community which can mean local people being involved in formal participation or even actual legal ownership.

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