Social Investment Scotland invested £3.4 million in 35 organisations
A charity which provides business loans to the third sector has posted solid annual results.
Social Investment Scotland (SIS) has reported a 15th consecutive year of growth during its 15th anniversary year, according to end-of-year figures published this week.
Over the course of the year, SIS has invested a total of £3.4 million in more than 35 organisations throughout Scotland. This includes £502,000 invested from Asda Community Capital in 14 projects, £1.1m from SIS Community Finance in 18 projects, £1.7m from the Social Growth Fund in five projects and a further £87,000 from other third party funds managed by SIS.
The lending total from 2016/2017 means that SIS has now invested more than £56 million in over 270 organisations since being established back in 2001.
Total unrestricted income including lending operations, management fees, transfers and grants amounted to £1,462,000 - up 11% from the previous year (2016: £1,413,000).
Alastair Davis, chief executive of SIS, said: “Just as social enterprises are becoming more knowledgeable about the range of financial options available to them, so SIS has worked hard to ensure that we continue developing financial products and business support services which meet the sector’s changing needs.
“We are not only lending money to our customers, we are providing them with a partners and adviser to support them on their journeys to create sustainable futures.”
In addition to its core activities, SIS has also continued to play a leading role in the development of Scotland’s social sector, co-producing the Scottish Government’s 10-year vision for social enterprise in Scotland, and taking a lead role going forward in the delivery of some of the outlined priorities.
Chairman Nick Kuenssberg said: “Our work with the Scottish Government will enable us to remain at the forefront of the sector’s development for years to come, while our relationships with other key partners ensure that we continue to expand the portfolio of funding options available to our customers.”
SIS is the largest not for profit provider of business loans to the third sector in Scotland as well as being a social enterprise and registered charity.