
In this blog, we’ll explore the easiest and quickest funding grants available for Community Interest Companies (CICs). Whether you’re just starting out or looking to expand your projects, understanding the various funding options can make a significant difference in your success. We’ll cover grants from the National Lottery, Arts Council, Children in Need, and more.
1. The National Lottery
The National Lottery offers several funding pots, making it a great starting point for CICs. One of the key grants is the Community Fund, which provides up to £10,000. This fund is straightforward and typically takes around eight weeks for the application to be assessed.
Here are some essential tips for applying:
Plan Your Project
Before applying, ensure that you have a well-thought-out plan for your project. This includes community consultation, which is crucial. Set up steering group meetings or conduct an online poll to gather input.
Document Community Engagement
Keep a record of how many people you consulted. This information showcases the community’s involvement and can strengthen your application.
Stay Compliant
After receiving funding, be prepared for checks at various stages, including a review of how the budget was spent. They may also require evidence of project promotion, so remember to acknowledge the funding in your communications.
Photography
Document your project with photographs. This not only serves as evidence of your activities but also enhances your reputation for future funding applications.
2. Additional National Lottery Funds
In addition to the Community Fund, there are other pots available through the National Lottery:
Sports England
If your project involves sports, you can apply for up to £10,000.
Heritage Lottery
This fund can be larger, depending on your project’s scale. While it can be competitive, having a local partner, such as an MP or a local archive service, can strengthen your application.
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3. Arts Council England
For those involved in creative arts, the Arts Council England is an excellent funding source. They offer grants up to £30,000 for projects lasting up to three years. Despite the lengthy application form, many find it manageable with the right approach.
Here are some tips for applying to the Arts Council:
Partnerships
Collaborate with other artists or projects. Having partners can enhance your application and increase your project’s visibility.
Break It Down
Tackle the application form in stages to avoid feeling overwhelmed. Bullet points are acceptable, and clear, simple language is encouraged.
Resubmission
If your application is turned down, don’t be discouraged. Use the feedback to improve your application for future rounds.
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4. Children in Need
Children in Need provides funding specifically for youth projects involving children under 18. They offer up to £10,000, which can be granted for three years, providing stability for your CIC.
Some highlights of working with Children in Need include:
Long-term Funding
You can potentially renew funding after three years, ensuring continuity for your projects.
Media Support
They often promote funded projects through local media, increasing your project’s visibility.
5. Local Community Foundations
Many local councils have community foundations that offer grants. These can vary significantly by area, so it’s essential to research what’s available in your locality. Some community foundations may only fund charities, while others will support CICs.
Applying for Multiple Grants
It’s entirely feasible to apply for several grants in one year. This strategy can help diversify your funding sources and provide a more stable financial base for your projects.
Paying Yourself and Others
When running a CIC, it’s important to pay yourself for your work. Funders expect project managers to receive a fair wage. The standard rate is around £350 per day, but if you’re new to this, consider starting at over £200 a day.
Additionally, ensure that you budget for paying other sessional workers and artists appropriately. Transparency in budgeting and keeping receipts is crucial for maintaining funder trust.
Conclusion
Understanding the various funding opportunities available for Community Interest Companies can greatly enhance your chances of success. From the National Lottery to Arts Council England and Children in Need, there are numerous pots of funding available to support your projects. Remember to plan thoroughly, document your progress, and engage with your community to strengthen your applications. With determination and the right approach, you can secure the funding necessary to make a positive impact in your community.
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Step 1: Define Your Mission and Objectives
Before you begin the formal process, it’s essential to define your CIC’s mission. Consider the community issues you are passionate about and how your skills can contribute to addressing them. Clear objectives will guide your activities and help attract funding.
Step 2: Choose a Name and Structure
Your CIC needs a unique name that reflects its mission. Ensure that it complies with the regulations set by the Companies House. Additionally, decide on the structure of your CIC, whether it will be limited by shares or limited by guarantee.