Ocean King
Other Discussion
Do you have issues securing funding as a CIC? (Anonymous post 🤫)
Ocean King Staff Senior Community Executive at CharityConnect Posted 3 months ago
{{badgesCtrl.userFirstName}}'s badges
Helper’s Badge Level One
Level 1 of 5
This badge is awarded to members who have had a comment marked as Helpful
Helper’s Badge Level Two
Level 2 of 5
This badge is awarded to members who have had 5 comments marked as Helpful
Helper’s Badge Level Three
Level 3 of 5
This badge is awarded to members who have had 10 comments marked as Helpful
Helper’s Badge Level Four
Level 4 of 5
This badge is awarded to members who have had 20 comments marked as Helpful
Helper’s Badge Level Five
Level 5 of 5
Superstar! This badge is awarded to members who have had 30 comments marked as Helpful
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.
Related posts
Free legal support suggestions (Anonymous post 🤫)
Ocean King
Admin, Ops, IT & Finance
How long should I wait to hear back after a job application? (Anonymous post 🤫)
Ocean King
Recruitment & HR
Bank account recommendations for an unincorporated association/charity
Layla Gemmell
Admin, Ops, IT & Finance
Clare Sulley
Admin, Ops, IT & Finance
No responses yet. Be the first to reply!
{{ctrlComment.postTotalComments}} responses
Load more responses