Social enterprises are being given the chance to access a significant funding pot.
Social Investment Scotland (SIS) has launched two funding challenges worth £3.3 million, designed to support all social enterprises – large and small – across Scotland with applications closing 22 August.
The investment programmes – Step Up and Scale Up Challenges – have been created to reflect the varying nature and scope of social enterprises.
With £300,000 of social investment loan funding, the Step Up Challenge will provide a number of organisations with financial loan support ranging from £10,000 – £100,000. Successful applicants will also receive tailored support to help them achieve their growth aspirations. The initiative has been designed to support smaller, or earlier stage organisations aiming to take their first steps towards growing and scaling their impact.
In contrast, the Scale Up Challenge is assisted by £3 million of funding and is aimed at larger, more established and ambitious organisations that are looking to scale their activities in a more significant way. Social loan investment between £100,000 and £1 million is available as well as bespoke business support to help them achieve their significant growth plans.
Alastair Davis, SIS chief executive, said: “We are proud to be launching two new funding initiatives that can provide investment solutions from as little as £10,000.
“Both challenges have been designed to reflect the varying needs of our customers. We work with and receive enquiries from a wide range of social enterprises – some looking to take their first steps towards scaling their operations and impact, while others are larger and more established but with the same aim of growing their offering. These programmes aim to help those with ambition and drive to grow their social impact.”
Interested organisations have until 22 August to express their interest, with successful applicants being announced by the end of September.