Social Investment Scotland (SIS), a partner of the SNP Government, is launching two new funding programmes this month with a total value of £3.3 million, designed to support all social enterprises - large and small - across Scotland.
The investment programmes - Step Up and Scale Up Challenges - have been created to reflect the varying nature and scope of social enterprises.
With £300,000 of social investment loan funding, the Step Up Challenge will provide a number of organisations with financial support ranging from £10,000 to £100,000. Successful applicants will also receive tailored support to help them achieve growth. The initiative has been tailored to support smaller, or earlier stage organisations aiming to take their first steps towards growing and scaling their impact.
In contrast, the Scale Up Challenge is assisted by £3 million of funding and is aimed at larger, more established and ambitious organisations that are looking to develop their activities in a more significant way. Investment between £100,000 and £1 million is available, as well as bespoke business support.
Alastair Davis, Chief Executive of Social Investment Scotland, said:
“We are proud to be launching two new funding initiatives that can provide investment solutions from as little as £10,000.
“Both challenges have been designed to reflect the varying needs of our customers. We work with and receive enquiries from a wide range of social enterprises. Some are just starting out and looking to take their first steps towards scaling their operations and impact, while others are larger and more established but with the same aim of growing their offering. These programmes aim to help those with ambition and drive to grow their social impact.”
Kenneth Gibson MSP added:
“These two new programmes delivered by SIS will provide opportunities for a broad spectrum of enterprises to grow.
“The announcement follows hot on the heels of the launch of the £17 million Scottish Social Growth Fund by Communities Secretary Aileen Campbell MSP in May. Through this fund, SIS enables 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.
“The SNP Government has invested £8 million into this year’s Scottish Social Growth Fund, with an additional £1 million from the University of Edinburgh and a further commitment in principle of £8 million from Big Society Capital.
“With the Step Up and Scale Up Challenges in addition to this, the future looks bright for social enterprises in Scotland and the SNP Government will continue to support them.”
Interested organisations have until 22 August 2019 to express their interest in the Step Up and Scale Up Challenges, with successful applicants being announced by the end of September 2019.
For more information about the Scottish Social Growth Fund, visit the Social Investment Scotland website.