KindLink - any thoughts/experience of using it?
Paul Swindell
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Do you have issues securing funding as a CIC? (Anonymous post 🤫)
Finance
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Ocean King Staff Senior Community Executive at CharityConnect Posted 1 day ago
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This question is from a member of our community that wishes to remain anonymous:
Our CIC has been running for 5 years with an amazing impact on local community, and is managed by three directors, one of whom is on PAYE, while the others contribute on a voluntary basis.Â
We do not have a PSC, and while our income consistently covers the salary of the PAYE director, the CIC itself does not generate significant profit.
The PAYE director is currently facing challenges in securing a mortgage, as many lenders seem unfamiliar with the structure and financial dynamics of a CIC, which complicates their application.
Could you advise on how we can better support our employees now and in the future in such situations? Are there any specific steps or documentation we should provide to lenders to clarify our structure and financial stability?
Your guidance on this matter would be greatly appreciated.
We do not have a PSC, and while our income consistently covers the salary of the PAYE director, the CIC itself does not generate significant profit.
The PAYE director is currently facing challenges in securing a mortgage, as many lenders seem unfamiliar with the structure and financial dynamics of a CIC, which complicates their application.
Could you advise on how we can better support our employees now and in the future in such situations? Are there any specific steps or documentation we should provide to lenders to clarify our structure and financial stability?
Your guidance on this matter would be greatly appreciated.
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