Social Investment Scotland provides £41m funds

George Tah, Creator & Founder of Jambo! Radio

Active loans and investments at responsible finance provider Social Investment Scotland (SIS) reached more than £41 million across 201 social enterprises, community organisations and impact-led businesses over the past year according to its latest Impact Report.

The latest annual investment figures from SIS show that active loans and investments during 2022-21 increased by £3 million from £38 million in 2021-2020, a record amount for SIS during its 21-year history.

The Tomintoul & Glenlivet Development Trust (TGDT) received funding of £507,000, including a £157,250 grant. This funding has been used to support the development of 12 new homes in the Tomintoul area.

Jambo! Radio, the only dedicated radio station for the people of African and Caribbean heritage in Scotland, successfully applied for a blended grant and loan funding package of £5,000 which help them pay for a 2 year annual subscription to Digital Audio Broadcasting (DAB) digital radio.

“Lending volumes include £12.4 million in loan and equity funds drawn by social enterprises in Scotland, and £6.8 million loaned to responsible lenders across the UK who, in turn, offer finance to enterprises and individuals who are unable to secure them from mainstream financial lenders,” said SIS.

“£1.8M in equity funding was drawn by impact-led businesses through impact investor SIS Ventures. SIS also approved £9.15 million new investments for Scotland’s social enterprises during the year.

“The activities of SIS, either directly or indirectly, benefited 4.3 million people, more than double last year’s total of 1.9 million people, with those benefits felt by communities in all 32 local authorities in Scotland. One third (33%) of loan customers secured loans of under £50,000 underlining SIS’s support for smaller social enterprises, charities and community organisations.

“As well as providing funding to help support the growth of an impact economy, SIS’s market building activity provided projects, programmes, and support to help communities and social enterprises develop capacity, confidence and resilience.

“Activity included the delivery of 74 workshops and webinars, and the design and management of 11 support initiatives.”

Social Investment Scotland chairman Ken Barclay said: “Over the last 21 years, SIS has grown to a position where our customers, and those we work with, touch the lives of at least 4.3 million people each year.

“It is this social impact which inspires and drives our team to achieve great outcomes with both our long term and new partners in ways that make a real difference to the lives of the people our customers serve.

“We thank all of our partners for their commitment and support, alongside our customers and peer organisations. We will continue to work to build the kind of world where positive impact for people and the planet comes first.”