Social investment Scotland wins cabinet office award
Business Quarter, by Ellen McGann
Social Investment Scotland (SIS), which lends money to charities, has won a prestigious award from the cabinet office for its pioneering work on the SIS Community Capital Fund.
SIS has won the New Social Investors Award at the second annual Cabinet Office Social Investment Awards in London.
The awards aim to encourage investors to get involved with social investment, support charities and social enterprises and make a difference to millions of lives across the UK.
In a growing market for social investment, SIS fought off fierce competition from other market entrants to win the award for its work on SIS Community Capital.
SIS Community Capital raised £400,000 from 27 private investors with seven social enterprises receiving investments of between £25,000 and £100,000.
Alastair Davis, chief executive of Social Investment Scotland said: “We’re absolutely thrilled to have been recognised on the national stage for our work on Community Capital.
“From the design of the fund to the recent divestment of funds, the team over at SIS has worked tirelessly to make sure that this was a success. This award is testament to that hard work and, more importantly, their dedication and passion for social enterprise.
“As an organisation, we are committed to continue finding new ways of unlocking investment to connect more capital with more communities across the country. SIS Community Capital has opened up a whole new stream of investment and hopefully we can build on that early success over the coming months.”
Prime Minister David Cameron said: “Social investment has the potential to transform lives and these awards, now in their second year, celebrate forces for social change in our country.
“Whether it is helping prisoners turn over a new leaf upon release, reducing youth unemployment or tackling poverty, these projects are using finance to get to grips with some of the most difficult social problems facing us here and around the world.”