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…
£32k prize fund shared by top performing social businesses…
The NatWest SE100 Index has announced the winners of its 2015 awards. Five winners were chosen from 1120 social ventures listed on the NatWest SE100 Index in the UK. This year’s awards build a clear picture of a thriving social enterprise sector that is supporting economic growth in the UK and delivering positive social impact.
The 2015 winners demonstrate best business practice within the social sector, working to address some of the UK’s most acute social issues. This year’s winners are helping to get people from disadvantaged backgrounds back into work, sustaining the environment and revolutionising healthcare services for disabled children.
These inspiring organisations now share over £32,000 in prize money awarded today at Critical Mass, the event for social enterprise, in recognition of their work.
The EBP is a non-profit dedicated to developing the skills of young people through development and employment programmes. The EBP works to ensure its services provide young people with the opportunity to develop the skills that employers are looking for, striving to engage young people in work and society.
FRC Group runs three social businesses including furniture recycling and waste management projects. These produce financial profits and create a social dividend by giving people in poverty and unemployment the opportunity to change their lives.
Kelvin Valley Honey works to sustain Scotland’s honey bee populations whilst contributing to the regeneration of disadvantaged communities through financing and supporting the development of beekeeping, creating employment for people housebound through disability and long term illnesses.
Andiamo works to meet the gap in demand and capacity that currently exists and is growing in the field of orthotics, printing 3D fully customised orthotics children with disabilities and long-term conditions.
Five Lamps delivers an integrated range of inclusion services to transform the lives of individuals and their families from disadvantaged communities, by helping them to find work, start their own business, improve their finances and improve their aspirations.
Aduna is an African-inspired health & beauty brand and social business working to create demand for under-utilised natural products from small-scale producers in Africa to create sustainable income – starting with the nutrient-dense superfoods Baobab and Moringa.
Marcelino Castrillo, Managing Director Business Banking, NatWest, who presented the Growth Champion Award, said: “I want to congratulate all this year’s winners, not just on their success in the awards, but on the profound social impact that they are having on our society. NatWest is proud to have supported the SE100 since the beginning and we are committed to unlocking and nurturing entrepreneurial talent through access to finance, markets and expertise.”
Rob Wilson, Minister for Civil Society who presented the Trailblazing Newcomer award said of the NatWest SE100: “Social enterprises occupy a crucial place in our society. These organisations help tackle social challenges while contributing to economic growth. The SE100 Index is an important benchmark for the sector and I would encourage all social enterprises to sign up so we can build a truly compassionate society.”
(If ever there was a great example of how diverse, dynamic and effective the social (enterprise) sector is in the UK, then look no further than these awards…Ed.)
This Saturday, 10th October 2015, is Social Saturday– spend your cash with a social enterprise and get some real ‘community multiplier effect‘ for your money!
‘In the UK alone, there are 70,000 social enterprises, contributing £18.5 billion to the UK economy and employing almost a million people. This exciting movement is growing fast all around the world and we’re seeing a boom in start-ups being launched that combine doing business with doing good’. Source: Social Enterprise UK
At the Key Fund, research that shows that this confusion persists about what social enterprise is. Although two thirds of us support the idea of social enterprise, only a fifth (21 per cent) knew what social enterprises were.
‘Simply, it’s about buying or using services from businesses that make a positive difference in our community or on the environment. Social enterprises reinvest their profits into furthering their social mission. They have to have good business models to be financially sustainable, so they don’t rely on grants or charity’. Source: The Key Fund
Key Fund is itself a social enterprise. Matt Smith of the Key Fund, quoted in a recent article in The Guardian, speaking about the misconceptions about Social Enterprise in the UK stated ‘…what’s interesting is this misconception that social enterprise relies on grants or donations. We escaped a culture reliant on grants many years ago, and the main impetus of social enterprise is to ignite local economies, create jobs, and be profitable or at least sustainable in delivering their ethical aim.”
As part of the Hogeschool van Amsterdam, Amsterdam University of Applied Sciences – the Institute of Network Cultures have recently published another document in their innovative and ground breaking research and thought leadership programme.
The MoneyLab Reader – An intervention in Digital Economy, edited by Geert Lovink, Nathaniel Tkacz and Patricia de Vries, contains much that mainstream financiers may find provocative, but which takes positions which offer interesting new insights into the emerging digital economy.
This published work contains sections on new digital-economic forms, some subtle essays on how value can be driven and extracted from an open source, ‘Commons‘ based economy, as well as essays on Bitcoin and other complimentary currencies.
There is a strong section on the ‘Economies of the Imagination‘. This is mindful of one of the driving forces of the digital economy, which is the creation of art and artistic output through new mediums of distribution and payment.
Readers in the creative quarters across our region may find this section particularly energising.
‘MoneyLab, a network of artists, activists and researchers, founded in 2013 by the Amsterdam-based Institute of Network Cultures; its aim is to research, discuss, and experiment with (alternative) internet-related revenue models in the arts and beyond’.
In a powerful essay, The Long Game by Keith Hart, there is a telling argument that Georg Simmel’s prophesy of the withering of the physical substance of money and the emergence of revolutionary new social institutions supporting new, fiscally adroit communities of interest may already be upon us. (The Philosophy of Money: 1907).
Whilst this may not be new to mainstream bankers, the shift in fiscal power from lender to borrower, which this implies, will be a difficult concept for many.
However, in the newly emergent social finance sector we can see that new paradigms of fiscal effectiveness, lending tolerance and social outcome entwined in community values, are all currently abroad.
We commend this lengthy pamphlet to our readers…perhaps we are all living in a ‘Simmelcast’ world now?
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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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