Social Investment Scotland Community Capital will close to investors at the end of August
A fund which aims to help charities, community organisations and social enterprises grow while providing investors with financial returns has raised over £300,000 worth of investment.
Social Investment Scotland (SIS) Community Capital fund will be used to support between five and 10 social enterprises in Scotland.
Tax relief for investors will be provided in the form of a 30% relief on their investment from their income tax liability.
The fund, which launched in May, will close to investors on 31 August – unless the half a million pound target has been reached before then.
Alastair Davis, chief executive of Social Investment Scotland, said: “SIS Community Capital was launched in response to research, which showed that there was an unmet demand for social investment products.
SIS Community Capital is one of the first funds of its kind available to UK investors
“There are very few opportunities for investors to support a wealth of good projects, whilst also receiving tax relief and time really is running out to get involved with SIS Community Capital.”
Thomas Gillan, chief financial officer of Social Investment Scotland, said: “SIS Community Capital is one of the first funds of its kind available to UK investors – combining tax relief and the opportunity to invest in an organisation which makes a tangible difference to people and communities across Scotland.
“It is encouraging to reach over £300,000 of investment within the opening eight weeks and we hope interested investors will take the fund to £500,000 by the end of August.”
Meanwhile, SIS has appointed a new chief development officer as the organisation prepares for further growth.
Roger Moors joins from his role as chief executive of Social Enterprise East Midlands (SEEM) where he helped third sector organisations across the Midlands, South Yorkshire and London prepare for taking on investment.
Speaking of his appointment, Roger said: “I’m excited to be joining SIS at a time when the social enterprise sector in Scotland is thriving.
“My work will be focussed on developing and promoting new social finance models, establishing new partnerships for SIS and supporting Scotland’s social enterprises in their preparations for taking on investment.”
Alastair Davis added: “Roger brings in-depth understanding and experience of the social investment market as well as exciting ideas for developing new finance models and engaging with more social enterprises across Scotland.
“At SIS we have ambitious plans to grow the funds that we manage in the coming years and connect more capital with communities, and Roger will be an asset in helping us achieve that.”