Updated October 2020: Since this blog was first written, we have simplified our position on funding community interest companies – all types of community interest company are now able to apply to the majority of our funds.
What is a community interest company?
A community interest company (often referred to as a C.I.C., or pronounced ‘kick’) is a type of company for people who want to conduct a business or other activity for community benefit.
It is most commonly used by ‘social enterprises’ – companies that want to use profits they make for for the good of society.
There are several forms community interest companies can take, depending on whether they want to be limited by guarantee, have shareholders, or be linked to a specific charity.
What types of community interest company will you fund?
Any of these different types of community interest company can potentially apply to The National Lottery Community Fund, so long as they meet our basic requirements for any applicant organisation.
The basic things you need to have are:
- A governing document (usually for a CIC this would be your Articles of Association)
- A board with at least two unrelated members (or three if you are applying for more than £10,000)
- A bank account in your CIC’s name (as written on the governing document)
- Annual financial accounts (or projections if you are newly set up)
You can find out more detail on these requirements in our blog about getting ready to apply.
Although community interest companies are eligible to apply to the majority of our funds, some specialist funds we run may have different rules about who can apply. It’s always worth contacting us if you aren’t sure.
How can I find out more?
We fund a range of different work in Scotland, and you can find out more about what grants are available on our website.
We are also more than happy to discuss your plans for applying, or anything else about our funding – just get in touch with our friendly Scotland team, and we’ll be glad to help.