News Column

Loans from Social Growth Fund top GBP10m

August 17, 2014

Scott Reid

SOCIAL enterprises and community ventures across Scotland have tapped a recently launched fund for more than GBP10 million as demand for alternative sources of financing soars.The Social Growth Fund, which includes money from the Scottish Government and Big Society Capital, has hit the milestone just three months after being rolled out.Through the fund, third-sector organisations, including charities and community businesses, can apply for long-term finance with loan sizes ranging from GBP10,000 to GBP1m. It is managed by Social Investment Scotland (SIS), which said it had received nearly 40 applications.SIS chief executive Alastair Davis said: "These figures are evidence of an increased appetite in Scotland's third sector for longer-term, more sustainable forms of finance."These organisations have a huge role to play in delivering important facilities and services."

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Source: Scotland on Sunday

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