FINANCE NEWS: Scottish loan fund hires manager to develop initiatives

Social Investment Scotland, the loan fund for the Scottish voluntary sector, has appointed a business development manager.

Stuart McKay, who has spent 19 years working in the social housing sector, will develop community development finance initiatives throughout Scotland.

He will also liaise with the Scottish Council for Voluntary Organisations and work on raising awareness of loan funding among social enterprises.

McKay said: "The Government has made it clear that private lending for the development of the social economy is an important strand of the overall strategy for supporting and strengthening the sector."

The fund, which was launched at the end of 2001, is a joint initiative of the Scottish Executive and Scotland's four largest clearing banks.

It reached the landmark of £1 million in loans in January and predicts that it could invest up to £10 million in the next three years.

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