Where Can Social Entrepreneurs Get Funding?
A number of readers have been contacting me recently, and I’m really excited about that in regards to finding the best business ideas.
I’m happy to connect with like-minded people from all over the world who believe in the power of social entrepreneurship to improve our humanity and our planet. (If you’re keen to connect with me, too, click here!)
I’m also humbled by it because of the trust people have in me to provide them with helpful advice to take their social enterprise to the next level!
One Reader’s Need for Seed Capital
One reader emailed me talking about how he is setting up his own social enterprise. He told me some of the details about it, and I was very inspired with the concept. However, he mentioned that he was in real need of capital in order to begin operations for the first batches of people he wanted to help.
He had read my recent post about Kiva, and had contacted them to ask for support and funding. They hadn’t replied and wanted to ask my opinion on what to do next, in order for him to get funding.
Although I will keep our reader’s specific social enterprise details private, what I do want to share with you all is my advice to help you with your funding.
Kiva is NOT a Funding Programme for Social Entrepreneurs
I had mentioned that Kiva most likely did not reply because Kiva and the Kiva Fellows programme is not a funding programme.
Kiva is meant to link micro-finance institutions with lenders online, and then the micro-finance institutions lend to micro-entrepreneurs. Most social enterprises will not be financially supported by Kiva because your specific social enterprise may not a micro-finance institution (MFI). Even then, Kiva seems not to fund the MFI itself. Rather, Kiva gives funds to the MFI with the intention that these funds be lent to the end-users, who are entrepreneurs with micro-enterprises.
Also, the Kiva Fellows programme is only meant for people to travel to other countries to see the work of Kiva and the micro-finance institutions.
It’s not a funding programme.
Then Where Can Social Entrepreneurs Get Funding?
Therefore, you should aim to approach organizations that directly assist and financially support social entrepreneurs and social enterprises.
From the two, I suggest social entrepreneurs try and apply for the Echoing Green Fellowship because it is open to citizens of all nationalities, working in any country, and it can award you $60,000 or $90,000 in seed capital for best business ideas. That’s alot of money that can definitely assist you with where your social enterprise needs to go.
Check out some of my other posts in my archives to give you the skills and confidence to go about applying for funding.