Funding for social enterprise
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Slides from the session run by Leanne Taylor from Focus on Funding at First Tuesday, 6th December 2011, part of the Nottingham Social Enterprise Hub.
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Funding for social enterprise
- 1. Funding for Social Enterprise Leanne Taylor 0115 934 8405 Focusonfunding@nottinghamcvs.co.uk
- 2. The โthree Ssโ of sustainable funding ๏ผ Stable โ a diverse mix of funding sources ๏ผ Suitable โ appropriate for the organisation ๏ผ Sufficient โ costs are understood and covered
- 3. The income spectrum Donor Funder Purchaser Consumer Gift Economy Grant Funding Structured Open Market Market ASKING EARNING
- 4. Loans and other forms of finance ๏ผDebt Finance โขLoans / Overdrafts โขRequire the borrower to repay the amount borrowed + interest ๏ผEquity โขUsually shares issued to an investor in exchange for finance.
- 5. When a loan might be a good idea โขWhen you have a strong and robust business plan โขWhere you want to kick start a new venture โขFor organisational growth and development โขPurchasing equipment โขPurchasing or renovating property Loans can provide: โขUnrestricted income โขQuick turnaround
- 6. Where can you find more information ๏ผ Funding Central Website ๏ผ NCVO Publications ๏ผ Focus on Funding website
- 7. Funding Central http://www.fundingcentral.org.uk
- 8. NCVO Publications http://www.ncvo-vol.org.uk/
- 9. Focus on Funding website
- 10. Make sure youโre ready for funding As a social enterprise looking to access funding you should have all the following in place: โขA clear and set structure โขA clearly defined mission โขPolicies โ such as safe-guarding, equal opportunities โขA business plan โขA financial plan โขA fundraising strategy โขA risk register
Editor's Notes
- Funding should be:Stable โ itโs important to have a mixture of income streams so that if one diminishes it doesnโt over threaten your organisation. Also being able to predict with confidence your future resource levels enables longer term planning. Suitable โ there is a wide range of funding options that are suitable for a wide range of groups and activities. Understanding what each can offer and if they are suitable for your organisation is essential.Sufficient โ understanding your costs properly allows you to make informed decisions on how much funding you need and what activities you can take on. This is critical for effective planning and growth. Business planning.
- Income spectrumGift Economy โ Philanthropic giving, voluntary donations, pure charity. Provides unrestricted income for an organisation to use at their discretion to further their charitable aims. Grant Funding โ Restricted funding (usually). Structured Market โ ContractsOpen Market โ trading โ unrestricted again.
- DISCLAIMER โ I AM NOT A FINACIAL ADVISOR SO I WILL NOT BE ABLE TO ADVISE ON THE INS AND OUTS OF LOANS OR FINANCE โ I CAN GIVE YOU AN OVERVIEW AND TELL YOU WHERE TO GO NEXT. Loans are not an income source but a financial tool or enabler which will help organisations to grow, bridge the gap between funding or support a fundraising drive. The latter half of the income spectrum (contacts and trading) are often underpinned by loan finance by investors. This is because expanding to take on contractual work, developing trading initiatives or simply increasing the scale and scope of an organisations work often needs investment. Structure will influence what type of investment you can accesses.
- Search engine to find loans, grants and contracts. Also provides loads of useful information about grants, contracts and loans. Take your time, donโt rush. The better and more accurate the information you put in the better information you will get out. If you struggle to get the hang of this FOF can support you in getting to grips with it but itโs worth persevering.
- Introductory Pack on Funding and Finance for Voluntary and Community Organisations - 6 Part PackIntroducing Funding and Finance for Voluntary and Community Organisations - A6 pocket guideThe Art of Raising Money: using marketing theory to stabilise and grow your incomeThe Good Guide to trading - Getting ready for enterpriseBrief Guide to Loan finance for Trustees
- The home of funding resources, funding bulletins and free training.
- Governance โ policies, structure, financial strategy, organisational strategy, mission etc.