Extra funding for Enterprise Growth Fund

Extra funding for Enterprise Growth Fund
The Scottish Government
15.12.11

Please Note: The additional £2m funding from the Scottish Government has been taken into account in the assessment of current applications and decisions on successful organisations will be announced shortly. There will be no further applications invited for the Enterprise Growth Fund.

An extra 2 million pounds is being invested in Scotland’s third sector to boost social enterprises.

 

This new money will go to the Enterprise Growth Fund which has generated enormous interest since its launch earlier this year.

 

The addition means that 6 million pounds will now be invested in third sector organisations to help them run more efficiently.

 

Cabinet Secretary for Finance, Employment and Sustainable Growth John Swinney said:

 

“I’m pleased to announce this additional funding, which has come from efficiencies within existing budgets, to help support the third sector at this time.  

 

"Social enterprises, voluntary organisations and community organisations play an important part in Scottish society. 

 

“They reach out to people who feel isolated from other services, creating employment opportunities for some of the most vulnerable in our communities.

 

“By investing in the third sector now and enhancing self sufficiency we can look forward to a future where these organisations play a fuller role in the reform of our public services."

 

The Enterprise Growth Fund awards grants of between 25,000 pounds and 200,000 pounds to enterprising third sector organisations with the most sustainable and ambitious business plans.

 

The Wise Group will begin to distribute grants at the start of next year.  Their Chief Executive Laurie Russell said:

 

"The Scottish Government’s commitment to increase the Enterprise Growth Fund from 4 million pounds to 6 million pounds is good news for social enterprises and charities across Scotland.

 

“It means that our plans to help around 40 organisations to make significant developments in their business can now be increased to more than 60."

 

Background
Further information about the Enterprise Growth Fund can be found at http://www.justenterprise.org/growth.php?current=six

 

Contact
Karen MacKinnon :  0131 244 2175 / 07771 555 604