Social enterprises urged to scale up

Alastair davis, sis (1)

Alastair Davis: Social enterprises are "key".

Projects can apply for up to £10,000 from responsible finance provider Social Investment Scotland.

28th January 2020 by Gavin Stuart 0 Comments

Social entrepreneurs are being invited to apply for up to £10,000 in funding from responsible finance provider Social Investment Scotland (SIS).

Following two successful rounds, the firm’s Growth and Replication Challenge returns for a third year to support Scottish social enterprises and charities who wish to “scale up”.

The challenge offers bespoke business support, from legal and accountancy to feasibility and impact planning, as well as the opportunity to be fast-tracked through the investment process, with a view to securing social loan finance.

Alastair Davis, SIS CEO, said: “At SIS, we believe that social enterprises are key in creating prosperous communities across Scotland. With this in mind, we have created this challenge to support these organisations to reach their growth aspirations in this new year.

“Whether it’s buying a property, renovating a building or replicating your enterprise in a new location, this challenge may be the perfect solution.”

The challenge is open to ambitious third sector organisations who require £100,000 to £1,600,000 of social investment to scale their operations and impact. Successful candidates will receive professional support, up to a value of £10,000, and the dedicated support of an investment manager.

One enterprise to have benefited from the challenge is the Glenurquhart Care Project. The project secured a £440,000 loan from SIS as part of a funding package required to build 12 purpose-built amenity homes to support the health and wellbeing of people in the Highland glen.

Project manager Susan Clark said: “Working with Social Investment Scotland has enhanced the level of support and care services we provide within our local community. The funding process was simple and SIS provided us with guidance at every stage of the way.

“As a result, we secured funding to deliver 12 amenity homes which has transformed the lives of many elderly people in Glenurquhart – ensuring they don’t need to leave the community they know and love to receive the care that they need.”

For more information and application details, see the SIS website.