Funding Your Social Enterprise Andy Garrett Fund Manager.
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Transcript of Funding Your Social Enterprise Andy Garrett Fund Manager.
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Funding Your Social Enterprise
Andy GarrettFund Manager
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Kent Community Foundation
• One of 54 Community Foundations across UK
• Funding and supporting projects that improve the lives of local people
• Encouraging local charitable giving and philanthropy
• Connecting local people who care with causes that matter
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Kent Community Foundation
Has over 10 years’ experience helping
thousands of local charities, projects and
good causes and has distributed over £15
million
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What do you need?
• How much will the enterprise cost to start up and run.
• How much does the enterprise aim to earn.
• DRAW UP A MONTHLY CASH FLOW FORECAST- write down your assumptions.
• Decide what type of funding is best suited to what you are doing
A PLAN
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Matching finance to funding need
Secured loan
Overdraft
Unsecured Loan
Patient Capital
Returnable grant
EquityGrant/ payment
Property or asset purchase
Working Capital
Pre-funding, Fundraising Effort
Research & Development
Service Delivery
« ABILITY TO REPAY »
HIGH CHANCE OF REPAYMENT
LOW CHANCE OFREPAYMENT
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Kent Community Foundation Funds
The Brook Trust Fund
The Phillip
sFund
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• Established with initial funding from Kent County Council
• Aims to support existing and newly created social enterprises in Kent
• Set up primarily as a recyclable loan fund• Must be trading and have clear social purpose and
community benefit• Majority of profits & assets reinvested in business or
social purpose
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Kent• Loans from £10,000 to £100,000• There is a potential for 20% of the total request to be
via a grant• Most loans are expected to be repaid over 2-5 years• Anticipated that loans will be unsecured• Must be an incorporated body• Must be operating within the KCC administrative area
and be using the finance to benefit Kent residents.
WE WILL HELP YOU WITH YOUR PLANNING IF YOU WANT IT
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Why Borrow?• A business plan is not fighting against others, it
stands on it’s own merit.• For a trading enterprise it is far more flexible than
a grant.• It can prevent mission drift.• Knowing that something needs to be repaid
focuses the mind.• It doesn’t stop you applying for grants, but might
reduce your reliance on them.• Your future in your hands
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Example
Total request £20,000 split - £16,000 loan
£4,000 grant
Repayments £333.33pm Repayments £400pm
5 Years
Interest 5% flat £4,000
Fee 4% of loan £ 640
APR 11.5%
4 Years
£3,200
£ 640
12%
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