Social Investment Scotland launches £3.5m fund for smaller businesses
Social Investment Scotland (SIS) has launched a £3.5m fund for smaller businesses across the west of Scotland.
The pilot phase is open to applications from eligible smaller businesses, based in specific postcodes, in Glasgow, Argyll and Bute, West Dunbartonshire, North Ayrshire, South Ayrshire, East Ayrshire and Inverclyde, with loans from £25,001 to £125,000. The pilot runs until December this year.
The launch of this fund marks the first pilot phase of its accreditation under the British Business Bank's Community ENABLE Funding (CEF) programme, and the first time SIS has been able to provide funds to limited companies, sole traders or partnerships.
SIS plans to widen access to the fund across the rest of Scotland once the pilot phase concludes and its approach has been tested.
Alastair Davis, SIS chief executive, said: “We've been making the case for a fund like this in Scotland for some time, so it's fitting that SIS is the one delivering it.
“Access to finance remains one of the biggest barriers facing small businesses in some parts of Scotland, and this is particularly apparent in the west of Scotland communities we’re targeting first. Starting with a focused pilot lets us build the right partnerships and prove the model works on the ground, before we open the fund to businesses across the rest of the country.
“This is what our CEF accreditation was always about - turning a UK-wide programme into real, local investment that creates jobs and builds resilience in the places that need it most."
SIS has more than 25 years’ experience delivering responsible, impact-led lending to social enterprises and charities across Scotland.
Pictured: Alastair Davis, chief executive, Social Investment Scotland
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