Tag Archives: social finance

£5.5m Northern Impact Fund launches for social enterprises

 

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…

Find a full copy/Press Release about the new fund here

Find a full grant/investment profile for the new Fund on-line here

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Think Enterprise!

A new magazine, Think Enterprise, from the IOEE.

‘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.

You can find the IOEE on-line here.

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Social Investment by Charities

 Making a social investment as a charity?

 

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’

Source: Gov.uk Publications – Chariities and investment matters  See https://www.gov.uk/government/publications/charities-and-investment-matters-a-guide-for-trustees-cc14/charities-and-investment-matters-interim-guidance   Accessed 01.08.2016

What is not a social investment?

‘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.’

You can find the new Social Investment guidance on-line in full here.

Another section of the Commission web site offers the visitor downloadable documents and advice  – Charites and Investment Matters: a guide for trustees (CC14)

The documents are available in html or as pdf’s for review and download.

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Cabinet Office – Social Investment Awards

 Investing in UK social business…

The Cabinet Office Social Investment Awards recognise the impact social investment is having on communities across the UK.

Now entering its second year, the awards highlight the innovation and dedication of world leading social investors and enterprises, celebrating both the achievements of teams and individuals alike.

The awards are supported by NatWest. In 1999 the bank set up its own charity, Social & Community Capital, to help fund social enterprises and community lenders that cannot access mainstream finance and to help them on their path to the financial mainstream.

The awards have six categories that applicants can enter, free of charge, by nominating their own businesses or social enterprises.

Institutional Social Investment Award
Institutional investment deal or product that has created demonstrable social impact at scale.
New Social Investors Award
Investment deal or product that has attracted new savers and investors into the social investment market.
Social Entrepreneurs Investment Award
Investment deal into an early stage social organisation to create demonstrable social impact.
International Social Investment Award
International investor who has invested through the UK market to create social impact anywhere in the world.
Market Building Award
Organisation that has demonstrated innovative and diverse ways to grow the social investment market in the UK.
Public Service Transformation Award
Social investment deal that has delivered improved public services.

Categories 1-3 and 5-6 are open to nominations from England, Scotland, Wales and Northern Ireland. Category 4 is open to individuals or organisations based anywhere in the world.

The awards close to applications on 18 March 2016. Short-listed nominees will be notified on 1 April 2016 and the awards ceremony will be held in London on 3 May 2016.

For more information see the Cabinet Office Social Investment Awards website.

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Innovation in Business – how to do it?

There is a new course, just released on Future Learn, which teaches you the basics of business innovation in any environment. Future Learn offers free courses on-line, many of which can add certificated outcomes to your professional development learning.

The Social Business sector is all about innovation, in financing, in management and in operational delivery – all with strong social value and outcome in mind.

Innovation: The Key to Business Success can help you achieve these goals for yourself. Wherever you fit in your organisation.

‘Understand commercial innovation, how ideas emerge and become reality, with this free online course developed with Marks & Spencer’ – The University of Leeds.

The course starts in June 2015, plenty of time to subscribe for the course content and bring your innovation skills to the fore. See how to enrol here…


Ethical business with a social dimension...
Ethical business with a social dimension…
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Good for Business?

businessforgoodButtonThe 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.

You can find more about the work of the project on our events page, or see the Nottingham City Postgraduate Social Business Programme on-line here.

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…


 

Paul CaulfieldDirector of the MBA in Corporate Social Responsibility at Nottingham University Business School

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!

Toni EsbergerCEO of Nottingham Circle

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.

Roger MoorsCEO of SEEM

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 KnoxBrand Developer, Business Designer and Creative Interpreter for retail business

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 GreyFounder of Food Freedom

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.

Ethical business with a social dimension...
Ethical business with a social dimension…

 

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Calling all Nottingham City Post-grads, are you ‘Social Business’ minded?

 

 

Sharing knowledge, developing a good idea and planning ahead?

If you are on a post-graduate course in Nottingham, in any discipline, and  interested in starting your own business, then the Social Business Programme represents a great opportunity to develop your idea, share opportunities and to learn about the social business start-up sector.

The Building Enterprise Project is managed by Community Partnerships at the University of Nottingham. Led by Roger Moors, CEO of SEEM and Jeanne Booth FRSA, founder of The Good Work Guide.

From February to April 2015 the programme of events and conferences represent a great opportunity to develop your ideas in concert with a team Social Business specialists.

You can also meet us at a special postgraduate meeting of First Tuesday, Nottingham’s network for social businesses, on February 3rd, 2015. Social Business and social impact measures are part of the debate.

Places are free, but numbers are limited.

Key Programme Events:

3rd February, 2015First Tuesday, a Post-grad special event. Inspiration for the entrepreneur and a free drink for the first fifty people through the door! You can book here…

24th February, 2015  – What is good for business? Four different speakers offering you insights into key aspects of Social Business development. A Question and Answer Session will follow this, the first of four sessions in the programme.

There is more to come in March and April.

To see the full project programme visit nottinghampg.strikingly.com  internetIconMini

Project Sponsors:

Community Partnerships  :   The University of Nottingham  :   SEEM  :  RSA East Midlands  :   European Regional Development Fund (ERDF) :

Ethical business with a social dimension...
Ethical business with a social dimension…

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