Scottish Social Growth Fund Announced [News]
We’re delighted to announce the Scottish Social Growth Fund; an exciting £17m fund delivered by SIS.
This morning, our Deputy Chief Executive Thomas Gillan was delighted to be joined by Cabinet Secretary Aileen Campbell in visiting long-standing SIS customer Out of the Blue to celebrate the announcement of the Scottish Social Growth Fund. This announcement and visit coincide with Out of the Blue’s 25th Anniversary.
Community initiatives, including schemes to create employment and protect the environment are set to benefit from the Scottish Social Growth Fund, which is backed by £17 million of investment from partners.
The money will enable social enterprises, charities and voluntary groups to deliver community projects while contributing to the wider economy. Organisations will be able to access affordable and flexible loans of between £100,000 and £1.7 million from the fund.
Communities Secretary Aileen Campbell said:
“Social enterprises are vital partners in our communities that support ethical and worthwhile causes. I have visited many organisations and witnessed the positive impact social enterprises can have on tackling big issues such as homelessness and social injustice.
“Social enterprises contribute £2 billion to the economy every year and employ more than 80,000 people so I am delighted to launch this new £17 million fund to stimulate further growth in this sector.”
Thomas Gillan Deputy Chief Executive at SIS said:
“Since launching the Social Growth Fund back in 2014, we have been able to support the growth ambitions of 22 social enterprises across Scotland with £12.7m of funding. All these organisations have been able to use SGF funding to scale their social impact to make a real, measurable and long-term impact on people’s lives.
“Building on our original partnership with Big Society Capital and the Scottish Government, we’re delighted to add the University of Edinburgh as an investor through the second phase of SGF. By increasing the amount of social investment capital available to Scotland’s booming social enterprise sector, we can connect more capital with communities and contribute to inclusive growth for Scotland.”
The Scottish Government has invested £8 million into the fund, with an additional £1 million from the University of Edinburgh and a further commitment in principle of £8 million from Big Society Capital, a UK wide social investment company.
Dave Gorman, Director for Social Responsibility and Sustainability at the University of Edinburgh said:
“The University of Edinburgh is delighted to support the new Scottish Social Growth Fund with £1 million over the next five years, helping even more social enterprises, charities and voluntary groups to have a positive impact on local people and the economy. Delivering sustainable and inclusive impact for society is a priority for the University, and we look forward to hearing how this funding is used to improve local people’s lives.”
You can find further information on the Scottish Social Growth Fund in the Questions & Answers document here.
If you’d like to learn more about this fund or how it could support your organisation, then please get in touch here. We look forward to hearing from you and further supporting impactful social enterprises across Scotland.