POSITIONING YOUR SOCIAL ENTERPRISE FOR FUNDING SUCCESS
Before you even put pen to paper, remember:
Protect your social mission by placing it in the heart of your business narrative.
Social entrepreneurs are often driven by their passion to address a social or environmental need. Accepting debt or equity funding may threaten the enterprise’s core social mission as new shareholders or borrowers may want to focus on financial imperatives.
A good way to protect your organisation’s social mission is to include your enterprise’s social objectives in your incorporation documents.
Long lead times
You should be aware of long lead times between applying for and receiving finance, which are often much longer than the finance providers state themselves. It is crucial that your enterprise has cash available to cover operating expenses while you go through the financing process . Insure applications for finance are submitted well before the time that the money is actually needed.
Networking is key; use your networks and
constantly create new networks!
Ask your bank and people you know about potential
financing options, and pursue several simultaneously.