As the CIC model differs from charities and similar voluntary organisations – in particular they do not have a voluntary governance structure equivalent to charity trustees - our decisions will not only be based on our regular grant criteria (see grant guidelines) but these additional factors:
- The CIC must be properly registered with the CIC regulator and Companies House.
- Is the application for social investment (through grants or loans) in CICs for set up costs, or to help a CIC achieve a significant ‘step change’ in impact?
- The CIC must have a professional and realistic business plan (to be provided to the Foundation upon request) which will take it towards a sustainable business model
- Does the CIC have an appropriate asset lock that would predominately benefit communities in Somerset 
- If the CIC is limited by Guarantee, what is the current and projected renumeration to the Directors?
- If the CIC is limited by Shares, what is the dividend cap?
1. The Foundation is willing to be considered as a nominee for an Asset Lock by a new CIC. Please discuss with the Foundation’s Chief Executive on 01749 344949.