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 ‘three Ss’ of sustainable funding Stable – a diverse mix of funding sources Suitable – appropriate for the organisation Sufficient – 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 Debt Finance •Loans / Overdrafts •Require the borrower to repay the amount borrowed + interest Equity •Usually shares issued to an investor in exchange for finance.
- 5. When a loan might be a good idea •When you have a strong and robust business plan •Where you want to kick start a new venture •For organisational growth and development •Purchasing equipment •Purchasing or renovating property Loans can provide: •Unrestricted income •Quick turnaround
- 6. Where can you find more information Funding Central Website NCVO Publications 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 you’re ready for funding As a social enterprise looking to access funding you should have all the following in place: •A clear and set structure •A clearly defined mission •Policies – such as safe-guarding, equal opportunities •A business plan •A financial plan •A fundraising strategy •A risk register
Notas del editor
- Funding should be:Stable – it’s important to have a mixture of income streams so that if one diminishes it doesn’t over threaten your organisation. Also being able to predict with confidence your future resource levels enables longer term planning. Suitable – 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 – 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 – Philanthropic giving, voluntary donations, pure charity. Provides unrestricted income for an organisation to use at their discretion to further their charitable aims. Grant Funding – Restricted funding (usually). Structured Market – ContractsOpen Market – trading – unrestricted again.
- DISCLAIMER – I AM NOT A FINACIAL ADVISOR SO I WILL NOT BE ABLE TO ADVISE ON THE INS AND OUTS OF LOANS OR FINANCE – 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, don’t 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 it’s 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 – policies, structure, financial strategy, organisational strategy, mission etc.