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…
Your concept must be to create a physical product and you need to be UK based to qualify for entry. Up to 150,000 Pounds prize money is to be shared by the winning entries, as well as a period of development and design support to realise your dream.
Good luck with your entry!
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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.”
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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