Social Investment Scotland launches ambitious investment fund
A new £16 million fund has launched this week in Scotland.
The Social Growth Fund, run by Social Investment Scotland (SIS), brings together an investment of £8m from the Scottish Government and a further £8m from Big Society Capital, the independent financial institution set up to develop social investment in the UK.
The fund was officially launched by John Swinney, cabinet secretary for finance, employment and sustainable growth, during a visit to Spartans Football Club in Edinburgh.
(The fund) will improve the lives of people within their communities by making them much more self-sufficient and sustainable - Alastair Davis
SIS is using the fund to expand existing investment activity within Scotland’s third sector, and to launch a new risk capital product for the Scottish social investment marketplace.
This will provide long-term finance from £10,000 to £1m with repayments tailored to each organisation’s needs.
Alastair Davis, chief executive of SIS, said the new fund will enable it to provide considerably more support to social enterprises and community businesses across Scotland.
He added: “This funding support will in turn help these local organisations improve the lives of people within their communities by making them much more self-sufficient and sustainable.”
Swinney said Spartans, an ongoing recipient of SIS investment, was a good example of how this kind of funding worked to better communities.
He said: “The facilities here at Spartans show what can be done with the type of funding the Social Growth Fund will provide.
“Through schemes such as this, social enterprises will be able to have a greater role going forward, bringing more benefits to the communities they serve.”
SIS has also launched a Great Social Enterprise Tour, visiting five cities in five days, to raise awareness of the Social Growth Fund amongst local social enterprises across Scotland.