SIS increase funding available to Scottish Third Sector by £8million
SIS Press Release
Social Investment Scotland is to increase its existing £6 million of available loan funding by a further £2 million secured from the Co-operative Bank.
The original loan stock capital, provided by the four Scottish banks (RBS, Clydesdale, Bank of Scotland and Lloyds TSB), has also been renewed for a further five years enabling SIS to now offer a combined total of £8 million of loan support. These funds will be available to enterprising Third Sector organisations across Scotland.
Craig Campbell, Chief Executive of Social Investment Scotland, said: “We are delighted to have achieved record loan growth of 100 per cent over the past 18 months through investment in Social Enterprises the length and breadth of Scotland.
“As a result of this success, and to continue our investment activity in this valuable and important sector, we have secured a further £2 million of capital from the Co-operative Bank. These funds are immediately available for enterprising and viable proposals.”
Karen Herbert, a recent recipient of loan funding from Social Investment Scotland, is a manager at Real Works Skills, a Social Enterprise specialising in re-employment for job seekers in Ayrshire.
She said: “We were looking to expand our operations and without the investment from Social Investment Scotland, we would have been unable to move into new premises and help more people in Ayrshire to get back into employment. Other sources of funding for what we were looking for had dried up. This is a great boost to our organisation.”
For further information, please contact:
Consultant to SIS
Mobile: 079822 50682
SIS’s remit is to help grow the size of the social economy in Scotland. Our particular emphasis is on the use of loans as a more predictable and sustainable form of finance. In addition, in 2008, the Scottish Government asked SIS to manage its £30m Scottish Investment Fund. By March 2011, SIS expects its portfolio of live investments in social enterprise in Scotland to total £35m, of which some £25m will be in the form of repayable loans.