Growing enquiries from social firms
SIS celebrates with 15th year of growth
Nick Kuenssberg and Alastair Davis: continuing to expand
Social Investment Scotland is marking its 15th anniversary with a 15th consecutive year of growth.
Total unrestricted income including lending operations, management fees, transfers and grants amounted to £1.46 million, up 11% from the prior year (2016: £1,413K).
Over the course of the year, SIS has invested a total of £3.4m in more than 35 organisations throughout Scotland.
The total includes £502,000 invested from Asda Community Capital in 14 projects, £1.1mi from SIS Community Finance in 18 projects, £1.7m from the Social Growth Fund in five projects and a further £87,000 from other third party funds managed by SIS.
The lending total from 2016/2017 means that SIS has now invested more than £56m in more than 270 organisations since being established in 2001.
During a year in which Scotland’s social investment marketplace has continued to mature alongside a growth in enquiries from social enterprises, SIS has continued to focus on supporting the social enterprise sector with new social investment products and broader business support.
This support has included the delivery of an ambitious investment readiness programme to more than 1,500 attendees through more than 50 events across the country.
In addition to its core activities, SIS has also continued to play a leading role in the development of Scotland’s social sector, co-producing the Scottish Government’s ten year vision for social enterprise in Scotland, and taking a lead role in the delivery of some of the outlined priorities.
Nick Kuenssberg, chairman, said: “In a year in which SIS celebrated its 15th anniversary and successfully completed the first year of its refreshed Twenty/2020 strategy, SIS has continued to build its reputation as a leading player within the UK’s rapidly evolving social investment marketplace.
“Our work with the Scottish Government will enable us to remain at the forefront of the sector’s development for years to come, while our relationships with other key partners ensure that we continue to expand the portfolio of funding options available to our customers.
“Alongside a new and improved corporate structure and governance, I am confident that SIS is well placed to continue increasing its significant contribution to Scottish society.”
Alastair Davis, chief executive, said: “Just as social enterprises are becoming more knowledgeable about the range of financial options available to them, so SIS has worked hard to ensure that we continue developing financial products and business support services which meet the sector’s changing needs.
“We are not only lending money to our customers, we are providing them with a partners and adviser to support them on their journeys to create sustainable futures.
“Programmes such as our investment readiness programme have been a crucial part of this activity, helping social enterprises to understand the challenges not just in accessing capital, but in getting their organisations finance-fit.”
Other highlights for SIS during 2016/2017:
– negotiated the extension of the Social Growth Fund investment period and management of the Scottish Investment Fund, guaranteeing significant fund management income until March 2019.
– expanded its partnership with Asda, to help deliver the Social Enterprise Supplier Development Academy which was repeated in June 2017, and has resulted in at least two social enterprises receiving nationwide supply deals.
– delivered and or participated in 59 events reaching almost 1800 attendees.