CIC Association

Serving Community Enterprise

Hi all I'm look for some advice - I hope I've come to the right place. I've recently set up a CIC which is a community cafe run from a local youth football club - but within a local forest park. We have 3 directors, but I'm really the one who's going to be running things day to day, it's my baby! We haven't started trading yet, and hoping to open the doors in January.

I have just heard back from the coop bank that they won't accept me as an authorised signatory for the account ( I'm presuming because I have a rubbish credit history). I completed the bank account application form saying we needed 2 signatories - to comply with most funders I have looked into. The coop have suggested that the 3rd director be the 2nd signatory for the bank account.

I'm just wondering practically how this would work? I'm the one who's going to buying stock, equipment and paying money in etc. I presume the 2nd signatory comes in to play when receiving grant money and making purchases by cheque??

The added complication is that the 3rd director is out of the country for 6 months next year....

Any advice would be gratefully received before I completely give up on this!!

Thanks
Sharon

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Hi Sharon

If your credit score isnt great that is probably the reason they have suggested the 3rd Director becomes the 2nd signatory.

You should be able to make the 1st Director the signatory for cheques etc alone, this way when the 3rd Director is overseas it wont affect the day to day running of the CIC.

Best of luck

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