SIS passes £100m backing for social enterprises
Ken Barclay: impact (pic: Terry Murden)
Finance provider Social Investment Scotland (SIS) has invested more than £100 million in 460 social enterprises, community organisations and mission-driven businesses since opening its doors 20 years ago, according to its latest Impact Report.
It was also supporting firms during the Covid crisis. Active loans and investments increased from £28m handed to 175 social enterprises in 2019/20 to £38m paid out to 212 social enterprises in 2020/21.
One in eight (12%) loan customers secured loans of under £50,000 underlining SIS’s support for smaller social enterprises, charities and community organisations who traditionally find it difficult to access finance. SIS approved £10.6m in new investments for Scotland’s social enterprises during the year.
It deployed £4.6m in COVID-19 response funds to 50 social and third sector enterprises.
The activities of SIS, either directly or indirectly, benefited 1.9 million people, against 1.4 million in the previous year, with those benefits felt by communities in all 32 local authorities in Scotland, as well as communities in South Yorkshire, West Yorkshire, Wolverhampton and Nottinghamshire.
Chairman, Ken Barclay, said: “The team at SIS has worked incredibly hard to create and deliver financial products and programmes to support social enterprises and the third sector throughout what has undoubtedly been an exceptionally difficult year for most.
“Our hope is that these social enterprises, and businesses of all kinds, will unite in our shared mission to build an impact economy.”