‘ Social Enterprise Day on the 17th November, is an opportunity for the 70,000 social enterprises across the UK to shout about the good work they’re doing and the difference they’re making. Using social media is an easy and quick way to do this‘.
Imaginaitive with funding, secure in it’s mission for social enterprise – The Key Fund…
Key Fund, a long-standing investor in community and social enterprises, is delivering the Northern Impact Fund, aimed at new and early stage enterprises who are seeking finance to support growth.
Matt Smith, CEO of the Key Fund, said: “With this fund we’re offering finance of up to £150k, but typical investments will be around £50k, with up to 20% of the amount available as grant. The Key Fund was one of the early pioneers in this space, and our original model was based on a grant and loan mix, so we’re really excited to be going back to that original model. It’s long been our belief that grants can play a very important role in helping new and smaller social enterprise become more robust.”
Source: The Key Fund web site – thekeyfund.co.uk Accessed 25.09.2016
A new blended grant and loan fund, the Key Fund package looks to secure sector deals in the £5,000 to £150,000 range. Applications are accepted from across the North and Midlands, with the Fund looking to realise 46 deals a year.
At a flat rate of 6.5% interest, the average loan term secured is expected to be three years.
Interested in business development on these terms, as a social/community enterprise. See the links below…
‘The Institute of Enterprise and Entrepreneurs has been over 15 years in the making and exists to make sure that all those involved in enterprise are able to access the support they need, when they need it’.
Whether your interest lies in tracking SFEDI Centres of Excellence or in developing apprenticeships and wider learning in business, then Think Enterprise has something of interest for you.
Be sure to check out pages 16 & 17, with their 2016 Enterprise Awards almost upon us, if only to read of the developmental success of others can in itself an inspiring and confidence building thing as you grow your own business, whatever sector you are in.
The Nottingham Social Impact Fund supports the development of new and existing social enterprises, jobs and growth, offering loans from £5,000 to £150,000.
The Fund believes community and social enterprises not only reignite local economies, but are best placed to tackle social problems, from community-owned pubs, social care services, high-tech renewable energy solutions and recycling schemes.
Dave Thornett, Business Development Manager at Key Fund, said “Nottingham has a strong social enterprise community with the creative arts, the universities and communities. We want to help these businesses grow and play our part in starting new ones in the city. There are great businesses such as Sneinton Market Traders and Food Freedom already growing and organisations such as The Creative Quarter and The Hive stimulating activity.”
If you are interested in Nottingham Social Impact Fund contact Andy Croft via:
Andy.firstname.lastname@example.org or on 07814 832852
Check our the ideas for promotion, templates for everything from press releases to a letter to your MP or elected members to give your enterprise a boost, support Social Saturday in 2016. Celebrate the work of your community with invited guests. Makes great copy!
You can always support the team at Social Saturday and add interest to your own energetic promotion by emailing news of your events or occasions to email@example.com
Give your enterprise a boost, support Social Saturday in 2016.
The Charities (Protection and Social Investment) Act 2016 (’the 2016 Act’) introduces a new statutory power for charities to make social investments. This came into force on 31 July 2016.
The Charity Commission have released yesterday interim guidance to charities to cover this new development in financial matters. The interim information is due for review in 2017, but the Commission are keen to underscore, for trustees, the power trustees now have to make ‘social investments’.
Below are some useful definitions and links to more information on this theme for those involved in charty governance and finance.
What is a ‘social investment’?
‘In the legislation, a ‘social investment’ means a ‘relevant act’ of a charity which is carried out ‘with a view to both directly furthering the charity’s purposes and achieving a financial return for the charity’.
A ‘relevant act’ means one of two things:
an application or use of funds or other property by the charity; or
taking on a commitment in relation to a liability of another person which puts the charity’s funds or other property at risk of being applied or used, such as a guarantee’
‘A financial investment is an investment made solely for the purpose of achieving a financial return for the charity.
A programme related investment (PRI) will not be a social investment unless the financial return to the charity forms part of the motivation for the charity making the decision to carry out the relevant act.’
The guidance issued goes on to review trustees’ general duties, the statutory restriction imbued by the 2016 Act, as well as the use of a charity’s permanent endowment processes.
In conclusion there is a succinct section of caution on the giving of ‘guarantees’. The guidance does recognise, however…
‘If a charity is asked to give a guarantee, the trustees will need to consider carefully whether they have the power to give it. The power to make social investments includes a power to give guarantees if they meet the definition.’
It is a movement for advocacy, promoting financial sectoral change to key actors.
They also work to effect ‘change from within’, campaigning for the re-alignment of finance professions to a more equitable and fair model.
The Lab web site has an inciteful article, written by Angela Clements, founder of Fair For You. It shows the journey that a finance sector principal can be driven to follow, when the inequity of access to mainstream credit, for example, makes even more difficult the life of an economically disenfranchised family.
Key Fund, one of the North’s longest-standing investors in the community/social enterprise sector, has announced a new CEO. Matt Smith, previously Deputy CEO, with over 13 years’ experience with the organisation now takes over the helm.
Hugh Rolo, Chair of the Key Fund Board, said: “We are extremely pleased Matt has taken on the CEO role. Not only is he committed and passionate about the organisation, he has a long track-record at the Fund. He brings a wealth of experience and knowledge, as well as the vision and drive to take Key Fund forward.”
Key Fund has supported community/social enterprises for over 16 years, helping thousands of new start-ups and existing businesses to expand and grow. The first half of 2015-2016 saw unprecedented business, with more investment than in the whole of the previous year, itself a record breaker.
Hugh Rolo said: “Matt’s role ushers in a new era for Key Fund. We have taken stock of our position and reshaped the business model going forward. Key Fund has always evolved to work with the challenges of the social enterprise sector, and we’re looking forward to this new chapter in our 16-year legacy.”
“I’d like to thank the outgoing CEO, Sam Tarff, an innovative, entrepreneurial and growth-orientated CEO, who has now decided the time is right to move on.”
Key Fund completed a staffing restructure in January. Its investment team will continue to be led by Garry Brown, who joined the Key Fund in 2009 after many years’ experience in the banking sector.
Hugh Rolo continues as Chair.
Matt said: “I’m looking forward to working with the management team and Board on our refreshed strategy for Key Fund, building on our long track record and experience of bringing the right kind of money to community and social enterprise across the North.”
Key Fund continues its investments via a range of funders, including: the Regional Growth Fund, European Investment Fund and Social Incubator contracts. Key Fund has benefitted from investment from Big Society Capital and continues discussions with a number of other Investors.