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Loan fund flooded with requests

A NEW loan fund for the third sector has seen applications for more than £10 million of cash in its first three months of operation.

The Social Growth Fund, set up with £8m from the Scottish Government and £8m from Big Society Capital, was only opened for business in early May but has seen 35 organisations apply for loans. Social Investment Scotland, which manages the fund, said charities, social enterprises and community businesses can apply for loans of between £10,000 and £1m.

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Finance

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