Press Release: Third Phase of Scottish Investment Fund Launched

Press Release: Third Phase of Scottish Investment Fund Launched
Social Investment Scotland
01.11.12

£2 million expected to become available for third sector

The Scottish Government has today (1 November 2012) launched the third phase of the Scottish Investment Fund, a revolving fund which exists to build financial sustainability in the third sector.

Social Investment Scotland (SIS) is the primary delivery partner of the fund and believes a total of around £2 million is available.

Chief executive Alastair Davis is urging third sector organisations to apply for funding by 16 November.

He said:  "The third phase is the surplus from the earlier rounds of the Scottish Investment Fund.

"We are urging third sector organisations to apply for this before the financial year comes to an end.

 "We have delivered almost £30 million to over 55 third sector organisations through the Scottish Investment Fund in the past four years.  This has enabled innovative, pioneering models of social enterprise to realise their potential and we look forward to seeing who comes forward to apply for this latest phase."

Timings for applying for funding through the third phase of the Scottish Investment Fund are tight.  Third sector organisations across Scotland must express a note of interest by 16 November and deadline for receipt of business plans is 30 November.

Alastair continued:  "In line with financial year deadlines we require this funding to be allocated as soon as possible.  Charities and social enterprises can apply for an investment from £100,000 to £1 million in a mix of grant and loan funding.

"We require interested parties to get in touch with us stating their name, contact details, a sentence about their organisation and the level of funding required. We will then contact successful organisations to take the applications forward."

A previous customer of SIS, which received funding through the first phase of the Scottish Investment Fund, is Edinburgh-based Spartans Community Football Academy.

Development Manager Douglas Samuel said:  "Through the Scottish Investment Fund, we were given the opportunity to ‘tell our story’, to paint a picture of the vision for our project in a relaxed and informal way. 

"From day one, the team at SIS were interested in providing support both for the short and long term.  SIS recognised clearly and early on the importance of helping our organisation become sustainable and it felt like we were working with supportive and encouraging people who were genuinely interested in our project.

"To have others believe in your project and provide you with financial investment is uplifting and makes you all the more determined to succeed."

For more information about SIS and the Scottish Investment Fund please visit www.socialinvestmentscotland.com or www.scottishinvestmentfund.co.uk

To register interest in applying for funding, applicants should email sif@socialinvestmentscotland.com in the first instance.