Investment Fund Support for Scottish Social Enterprises
The Scottish Government
A social enterprise providing training and employment for people with mental health difficulties is one of the first organisations to receive support from the new Scottish Investment Fund, Enterprise Minister Jim Mather announced today.
Glasgow-based Momentum Scotland Ltd has been offered a £200,000 grant and £200,000 loan from the Scottish Government scheme, which helps enterprising Third Sector organisations become more effective and efficient. Momentum Scotland will use the money to help fund a new £1.2 million headquarters.
A second project, the Edinburgh-based Out of the Blue Arts and Education Trust, will receive a £175,000 grant and £245,000 loan towards a £737,000 refurbishment programme.
Announcing the awards at today’s Third Sector Forum at the Royal Society of Edinburgh, Mr Mather said:
‘From our first day in office, the Scottish Government has highly valued the Third Sector’s transformational potential, which is why we decided to increase funding for the sector by 37 per cent.
‘I am delighted to see the Scottish Investment Fund, one of the new funds we created, support established Third Sector organisations such as Momentum Scotland and Out of the Blue. These very impressive enterprises reach individuals where the public and private sectors do not operate, creating valuable employment opportunities.
‘It is especially important in the current climate that we harness the Third Sector’s ability to help increase sustainable economic growth, build on our economic recovery programme and help Scotland emerge faster and stronger from the downturn.’
The £30 million investment fund was launched by Ministers last summer to support established Third Sector organisations with the potential to grow their turnover or become financially sustainable. The fund is managed by Social Investment Scotland (SIS) on behalf of the Scottish Government.
Scott Anderson, Chief Executive of Social Investment Scotland, said:
‘Today marks a major milestone for the Scottish Investment Fund as we announce the first investments which are designed to help recipients develop their potential and make a positive difference to the communities they serve. Both Momentum Scotland and Out of the Blue are fantastic examples of social enterprises that have the drive to succeed and bring benefit to their respective communities, while also contributing significantly to the wider Scottish economy.’
Out of the Blue co-coordinator Rob Hoon said:
‘We’re delighted to receive this support from the Scottish Investment Fund which will enable us to build additional studio and workshop spaces, providing thousands of opportunities for people to visit and participate in activities at the Out of the Blue Drill Hall.’
Ian Welsh, Director of UK Services for Rehab Group, which incorporates Momentum, said:
‘Since 1990 we have continually expanded and developed new innovative and person-centred services. We have a significant impact on the lives of thousands of disabled and socially-excluded people each year by supporting them to remain active citizens within their own communities through the provision of mainstream training, employment and personal support services. Thanks to this significant award, we can continue to build equal chances, equal choices and equal futures for people in Scotland.’