SIS unveils new package

Social enterprise firms offered £3.3 million growth support

Alastair DavisEarly stage companies are being offered new funding support from Social Investment Scotland (SIS) which is launching two initiatives worth £3.3 million.

Two investment programmes – Step Up and Scale Up Challenges – have been created to reflect the varying nature and scope of social enterprises.

The bulk of the funding – £3m – is dedicated to the Scale Up Challenge aimed at larger, more established and ambitious organisations. Investment between £100,000 and £1 million is available as well as bespoke business support to help them achieve their significant growth plans.

The remaining £300,000 of social investment loan funding, the Step Up Challenge, will provide a number of organisations with 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 tailored to support smaller, or earlier stage organisations.

Alastair Davis, CEO of Social Investment Scotland, pictured, 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 just starting out and 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.

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