We have been talking to the bank about a loan so we can pay _space upfront for the work they are doing at WEYES while we continue to fund raise. We wanted colateral for the loan to be against the value of our head office building. On Monday the bank said they would give us the loan but against our investments. On Tuesday our Board of Trustees Finance Committee thought about the proposal and accepted the idea. This is a relief because it means we can pay the builders and not have to worry about our cashflow.
In the meantime we are applying to charitable trusts asking for help with capital costs. For some months Catrina Flynn, our PR and Fundraising Manager has been researching the hundreds of charitable trusts available to select the ones most likely to be able to help. This has to do with the charitable objectives of each trust for example those that are interested in projects that support young people in the north east of Emgland. Nevertheless some of the possible trusts prefer you to talk to them which is my job to do.
We are still waiting to hear from the Social Investment Business about our applications to the Social Enterprise Investment Fund for capital grants. We are told just to wait, more applications to process than had been expected and the timescales have been extended to enable the assessors to cope.