How we Utilise the Revenues we Earn
We are a Community Interest Company (CIC), that exists to benefit the local community. We believe that by encouraging innovative and entrepreneurial thinking and supporting startups and existing micro-businesses on the Island, that we can help create jobs which in turn will have a positive impact on the local economy.
A CIC, is charitable in nature but unlike a charity it exists to make a profit that is invested back into the community. To this end we are regulated by the government to ensure that we invest a minimum of 65% of any profit made back into the local community.
Naturally, being business focussed we will use 55% of the community profit to support local businesses in the form of a local business startup fund that we can use to invest in local startup businesses. The remaining 10% will be earmarked to support Island based charities in the form of grants.
Like any business, it takes time to break even and generate enough revenue to cover all the costs. We estimate that the CIC will break-even partway through year 3, at this point we will start to generate profits to invest back into the community.
That said, the quicker we reach critical mass, the quicker we break even and the sooner we can start investing the profits back into local business ventures. So if you are considering coming onboard then don’t hesitate to sign up now, both for your own and your Island’s benefit.