SOCIAL Investment Scotland (SIS) invested a record £10.9 million in social enterprises, community organisations and mission-driven businesses during the past year, according to its latest Social Impact Report.
SIS provides loans for charities and social enterprises that might find it difficult to raise money from mainstream providers.
The latest investment figures include £4.36m invested in social enterprises and communities, with the remainder invested in supporting responsible lenders and in mission-driven businesses.
The Point and Sandwick Trust, a charity that uses money generated from its windfarm to benefit the local people of the western isles community, received £600,000. During the coronavirus lockdown, SIS provided 800 support interventions for people and organisations from the third sector, approving £2.52m in loan funding through the Third Sector Resilience Fund and supporting 20 of Scotland’s Credit Unions through the Credit Union Resilience Fund.
As well as providing funding to help support the growth of an impact economy, SIS also scaled up its market-building activity, designing and managing seven support initiatives, including the Retail Academy, and 64 workshops, webinars and masterclasses to help communities and social enterprises develop capacity, confidence, and resilience.
Alastair Davis, chief executive of SIS, said: “Over the past 15 months, demand for both finance and support has never been greater among third sector organisations and social enterprises. Like most other sectors within our economy, our customers have found themselves facing considerable challenges during the pandemic to keep their heads above water. However, despite these impacts which are still ongoing, the role of community and social enterprises in responding to the challenges posed by Covid-19 has been nothing short of extraordinary.
“Working with our numerous partners, SIS is now focused on supporting these individuals, organisations and businesses through a recovery period so they can play a vital role in building an impact economy in Scotland, where positive impacts for people and planet come first.”
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