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 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.email@example.com or on 07814 832852
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The lounge of Antenna, in Nottingham, was buzzing last night (24th February) with talk about business for good and how change in traditional structures and processes can create models of delivery that are good for business.
The event was part of the ongoing programme of engagement with post-grad students at Nottingham University for the Social Business Programme, which seeks to offer opportunities and ideas for the current post-graduate cohort of the University to start a business for good, a Building Enterprise activity.
The evening was chaired and facilitated by Jeanne Booth, who was able to introduce a panel of speakers for the audience, who were both inspirational and able to deliver pertinent short messages about their experiential learning in the development and awareness of Social Business. Some of the ideas abroad on the night are tendered below…
Corporate social responsibility is dead, long live Social Business! This could have been the rallying cry for the audience from Paul’s presentation. The old ways are perhaps no longer fit for purpose, we were told. With CSR as a concept, arguably, seen as a reactive and backward looking process.
Much was made of nature and things natural as metaphors for new business development under the banner of Social Business. We have destroyed 50% of the rain-forest so far. Paul surprised the audience with the metaphoric concept of bio-mimicry as perhaps providing the new, forward looking business model.
However, the speaker argued, not all in the past is of no use. The Guilds were, from early modern history, craft makers and carers for community. Fostering skills and market development, from their geographical locus, yet preserving the best of tradition.
It is this, the fostering of ideas, like the emergent Social Business movement, that is the only truly scaleable resource we have. ‘A dialogue between two people with ideas results in a more dynamic third idea‘. Wonderful stuff!
This section of the evening had the style of a structured interview and response between Toni and Jeanne. Toni, in her development of the Nottingham Circle, a membership group for the over-50’s, had clearly done much to encourage the recording and shaping of data and soft outcome records for her organisation.
In any new or developing business, this collection of data is redundant in itself. It is how the people in the organisation deploy the knowledge locked up in the data, or in people’s stories over time.
Relationships, shared goals, resourcefulness and generosity. These were some of the keywords Jeanne was able to elicit from the speaker. They are the perfect framing paradigm for a good Social Business too. These and a great spreadsheet, which you can deploy for funders, partners and beneficiaries too.
How do you finance good business was Roger’s key question to the audience at Antenna? Illustrating the tensions between the Third Sector and traditional business, Roger opined that it was seen as the sector’s traditional role, over business, to deliver social outputs.
This has changed. Using another natural metaphor the audience were asked to declare if they ate vegetables? Then they were asked if they were vegetarians? There was a large disparity in the aggregate numbers of the replies.
Thus, Roger argued, ‘…Social Business is not about legal structure, it is about how you do it’. All businesses need capital, to finance cash-flow, purchase of assets or to develop their business idea. Social investment is, therefore, about investing for impact.
There are, therefore, three key elements to getting an offer of social investment. An economically sustainable idea. A collection of ‘investable’ people. Impact.
To see if you qualify, contact Roger at SEEM. He’s the capital chap!
Martin works with people in organisations to ‘...identify, articulate and present the truth of their product or service’. Echoing the message that traditional business methodologies were undergoing change, Martin stresses the search for ‘truth’ in presentation, marketing and delivery as now being the key social business driver.
There is a new commercial imperative. It is the power of the story, not about a thing in itself. As founders of new social businesses the message about your motives, your values and the journey you have undertaken to get here are now powerful drivers of client or customer engagement.
This was a telling section of the evening. Stressing the emotional and empathetic engagement inherent in social business. ‘People no longer buy the ‘what’, they are interested in the ‘why’.
Nicky’s story is one of developing her Social Business through reaction to familial allergies and intolerances. Driven to engage with school catering staff, Nicky was able to grapple initially with the ‘different school lunch’ issue, helping to foster a more tolerant attitude to difference, certainly, but also restoring a sense of balance and good health to her own family members.
From this ‘community action’ approach, Food Freedom has gone on to foster and deliver a range of training courses and awareness raising expertise for a variety of clients – schools, companies and community settings.
A very telling and key part of the Food Freedom presentation was the characteristics needed to found, grow and stabilise a new Social Business. Nicky had three important messages for the Antenna audience…
Really want to make a difference – care about it above profit…
Draw exhilaration and energy from the feedback and measured impact you can obtain along the way…
Make sure you gather that evidence formally and then deploy it wisely.
The evening concluded, after a short break, with a full Q & A session with the expert panel. The Chair was able to guide the audience through questions and responses, from theory and practice, to help them conceptualise, form or grow their Social Business idea.
This was a well organised, useful and informative session. It is part of a wider programme of creating enterprise events. If you have an idea as post-grad, then this is the place to go for answers, advice and, perhaps, even funding…see more here.
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CDCT are a registered charity and a company limited by guarantee. The organisation delivers accessible transport solutions for individuals and groups who have difficulty in using public transport in the Bolsover District Council area, along with Bassetlaw, Chesterfield, Rotherham, Mansfield, Eckington and Killamarsh.
The Board of CDCT have decide to explore further developmental opportunities. Their focus is given below…
Develop a strategic alliance with another like minded charity, social enterprise or similar type community focused body
Explore a possible merger or other collaborative partnership working
“In making this decision, the Board have commissioned Nottingham based SEEM to help facilitate this exploration and invite interested parties to submit an Expression of Interest. Please see below for further details on this process”.
With an uncertain future funding landscape, CDCT are looking to explore ways of working with other like-minded organisations, who, after the initial Expression of Interest, will be selected to develop more detailed proposals, within a framework of mutual discussion and exploration.
Social Enterprise East MIdlands is a UK registered Limited Company Company No: 10862936 Our mission is to foster grass-roots interest in the Social Economy - supporting community enterprise development in our six counties region.
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