Social Investment Scotland (SIS), the lender to the third sector, today marked its 15th anniversary with an unbroken track record of growth.
The organisation, led by chief executive Alastair Davis, said its income rose 11 per cent year-on-year to reach almost £1.5 million.
SIS is well placed to continue increasing its significant contribution to Scottish societyNick Kuenssberg
SIS also revealed that it invested £3.4m in more than 35 organisations across the country during 2016-17, including £1.7m from its Social Growth Fund, £1.1m from SIS Community Finance and £502,000 invested from Asda Community Capital.
The lending total means that SIS has now invested more than £56m in more than 270 organisations since it was established in 2001.
Davis 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.”
Loan finance of between £10,000 and £1.6m is available via SIS, which targets community enterprises and social businesses that might find its difficult to access finance from mainstream providers.
During the year, SIS extended its partnership with supermarket chain Asda, which sees the two work together to deliver the Social Enterprise Supplier Development Academy, which helps not-for-profit ventures, such as craft beer brand Brewgooder, secure space on the grocer’s shelves.
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SIS chairman Nick Kuenssberg added: “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.”