Private Sector Endorsement for Scotland’s Third Sector as £2million Fund is Secured by SIS
A significant endorsement for Scotland’s Third Sector comes as Social Investment Scotland renew £2 million of investment commitments from Scotland’s main banks to invest in Scottish social enterprises, charities and community groups.
Despite the challenging backdrop of the COVID-19 pandemic, Scotland’s leading responsible finance provider, Social Investment Scotland (SIS), has secured a further £2 million towards its Community Finance Fund from three private sector banks.
Lloyds Banking Group, Royal Bank of Scotland and Virgin Money (previously Clydesdale Bank) have renewed a £2 million facility for SIS which will be invested into organisations that are creating positive social or environmental impact across Scotland.
This investment, in the form of five-year loan stock, marks the continued support of SIS from these financial institutions. Lloyds Banking Group, Royal Bank of Scotland and Virgin Money, were also investors in the Funds that originally founded SIS in 2001. They sit alongside the Dutch ethical bank Triodos who have also invested £2 million.
Over this time, this investment has been recycled many times over, supporting impactful enterprises right across Scotland. Overall, from various different funds over a period of almost 20 years, SIS has invested nearly £80 million in over 400 organisations.
The continued support of these banks, particularly during the current climate, is an endorsement for organisations that put social and environmental purpose at the forefront of their operations. It highlights the wider economic acknowledgement that the strengths showcased by Scotland’s Third Sector are what is required to help us move through this crisis and into a more sustainable future.
“Now more than ever, the private sector, Government and the public are waking up to the idea that a significant economic reform is needed. We believe that responsible business practices, such as those of social enterprises, are how a more sustainable future can be achieved.
We’re grateful for this investment which not only is a significant endorsement for SIS, but also for the positive actions of Scotland’s Third Sector. Having completed this investment in the face of this crisis only highlights the value of social enterprises to both the economy and society. While we are cautious of the current climate, we are also confident that Scotland’s Third Sector will influence and positively impact the “new normal” going forward.”
Alastair Davis, Chief Executive at Social Investment Scotland