Social Investment Scotland secures £16m funding for social growth fund

SIS chief executive Alastair Davis says the funding - £8m from Big Society Capital, £8m from the Scottish government - will make a real difference to communities

Alastair Davis
Alastair Davis

The third sector lender Social Investment Scotland has secured £16m for a new social growth fund for Scotland.

SIS has successfully bid for £8m in funding from Big Society Capital. This investment has been matched by £8m in funding from the Scottish government.

The social growth fund will provide investment for Scottish charities and social enterprises.

Big Society Capital’s investment will increase SIS funds under management by a third and represents the biggest investment in SIS for 12 years and the largest ever by an external organisation.

Alastair Davis, chief executive of Social Investment Scotland, said: "The investment is recognition of the considerable social impact achieved by our work to date, and will go a long way towards helping us achieve our strategy for growth, making a real difference to more lives in communities across Scotland."

John Swinney, cabinet secretary for finance, employment and sustainable growth, said "This is an exciting opportunity for third sector organisations in Scotland, and I look forward to the Social Growth Fund opening to applications shortly."

Meanwhile SIS, the law firm Morton Fraser and the consultancy and accountancy business Scott-Moncrieff have launched new guidance for investors and social enterprises that want to take advantage of the government’s social investment tax relief.

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