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Scottish social finance body celebrates 300th loan

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A Glasgow social enterprise grocer is the latest organisation to benefit from funding from Social Investment Scotland

Social finance lender Social Investment Scotland (SIS) is celebrating its 300th investment in a Scottish social enterprise.

The lender announced it is providing a £20,000 loan to Locavore, which is based in Glasgow’s Govanhill. The social enterprise has been operating for seven years and provides a wide range of locally sourced and organic groceries.

Locavore provides shoppers with fresh and healthy food options and all profits are reinvested into building more sustainable supply chains.

Since 2001, SIS has invested over £63 million across Scotland, supporting community enterprises and social businesses to provide tangible change and benefits to those living locally.

Commenting on the 300th investment milestone, chief executive Alastair Davis said: “Reaching our 300th customer deal is a very significant milestone for SIS. It’s very rewarding to see the benefit of our social investment reaching so many organisations across Scotland.

“Not only are we supporting these organisations to grow and prosper, creating jobs and revenue, but we are also seeing more people in Scotland’s most marginalised communities positively impacted by the amazing work carried out by our customers.”

The financial support provided by SIS offers Locavore working capital during a period of transition while the organisation relocates and settles into larger premises.

From its new premises, Locavore will be able to extend its retail offering, which includes a café offering a varied menu using locally sourced ingredients. The funds will also support Locavore’s other business offerings, including its veg-box subscription service and its new trading activity, importing organic groceries from the EU.

Reuben Chesters, founder of Locavore, said: “Our recent investment from SIS has come at a pivotal time for the organisation as we move to new premises to grow our offering. The funds provide some financial cushioning for us during this period, allowing us to stay on track to achieve our original objectives to revolutionise the food system and reap the benefits of a more localised supply chain.”

 

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