Community Interest Funding
How Do Social Enterprises Obtain Community Interest Funding?
By definition, a Community Interest Company (CIC) Community Interest Company (CIC) is one that has the interest of the community in mind. Because they're a blend between a charity and a for-profit business, it's essential to get the right type of funding.
One benefit of this type of business model is that these social enterprises can turn to Community Interest Funding. If that's something your start-up needs, you've come to the right place.
Keep reading to learn more about how community interest companies can get CIC funds to start or grow their business.
What is Community Interest Funding?
Community Interest Funding is how a CIC can receive funding to start a business or to get help with special projects that will allow it to grow its business. There are a number of organisations that offer funding for Community Interest Companies.
How Social Enterprises Get CIC Funding
Now let's look at how social enterprises can get funding for their company. Believe it or not, there are only two steps involved in getting CIC funding.
1. Find Programs You Qualify For
There are numerous foundations and other organisations that offer funding for CICs. However, each one will only offer it to a certain type of CIC. That's why the first step is to determine which of these organisations have money available based on how your business is structured.
The two different structures of CICs are:
- Limited share companies
- Limited by guarantee
If you're just setting up your business, you may want to talk to a lawyer to ensure your social enterprise is set up the correct way legally based on your business goals.
2. Put in Your Application
Once you've found some places where you're eligible for business grants, it's time to start putting in applications. Take your time when filling out each one to make sure you're doing it correctly. If you don't fill them out properly, you may be rejected because of that.
Keep in mind that you will most likely receive more rejections than acceptances, particularly when you're first sending in applications. However, if you follow some tips and keep at it, you'll get better and will start to receive more funding for your projects.
Some quick tips to follow are:
- Apply to local organisations
- Ask for the exact amount you need
- Keep your information concise but thorough
- Contact the organisations before submitting if you have any questions
- Keep your application personal
Most importantly, you want to make sure the funding body fully understands the benefits your CIC will provide for the community as this is ultimately what will determine whether or not they choose to help you. Your business should also direct the funding body in some way or line up with their goals.
How we can help
If you need help getting CIC funds, give us a call Call us today on 0207 953 8913 or complete our enquiry form in order to book a a FREE initial CIC consultation.
Require more information about CIC?
If you would like more information or would like to ask us a question then call us on 0207 953 8913. To ask us a question online click here.