After the Brexit vote in 2016, charities have been seeking guidance about the effect of the decision to leave the EU. Some enterprises have found their projects placed in very uncertain scenarios, with application submissions to funds like the ERDF (European Regional Development Fund) pending and no strong or consistent support from the Government or regional LEPs regarding whether the funding streams will still come to fruition.
Whilst at this phase no one knows with confidence what the impact will be, charities confronted with the challenge of an unknown result from European funding would be wise to adhere to these key steps:
1. Don’t Panic!
In the years following 2008, charities and not-for-profits across the UK made it through one of the most awful times of economic downturn the country has ever seen. If you made it through the tough times of the previous eight years, you’re very likely to make it through BREXIT too.
2. Speak With Existing Funders
If you’re mid-way through fundraising for a capital undertaking, communicate with your present funders now. In case they have actually committed already it’s because they believe in your undertaking and will be understanding of your position – some could even increase their funding offer to cover a possible shortfall. There are lots of UK fundraising consultancy websites, if you’re searching to find out more this website is a good starting point for www.giftedphilanthropy.com.
Dealing with the issue directly and giving a short evaluation of how you intend to mitigate against a potential financing deficit – looking for other funders, scaling or phasing an undertaking etc. – will be perceived positively by both present and potential benefactors alike, creating confidence in your organisation.