Scottish social enterprises get fresh funding boost

Alternative finance provider Social Investment Scotland (SIS) is pushing the button on two “funding challenges” worth £3.3 million, designed to support social enterprises of all sizes.

Alastair Davis 'reflect varying needs of customers'. Picture: Greg Macvean

The investment programmes – Step Up and Scale Up challenges – have been created to “reflect the varying nature and scope” of profit-for-good social enterprises north of the Border.

With £300,000 of social investment loan funding, Step Up Challenge will provide a number of organisations with financial support ranging from £10,000 to £100,000. Successful applicants have been promised tailored support to help them achieve their growth aspirations. The initiative is pitched at smaller, or earlier stage organisations.

In contrast, the Scale Up Challenge is assisted by £3m of funding and is aimed at “larger, more established and ambitious organisations” that are looking to scale their activities in a major way. Investment between £100,000 and £1m will be available as well as “bespoke” business support.

SIS chief executive Alastair Davis said: “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.”