SOCIAL Investment Scotland (SIS) ploughed investment worth £3.4 million into around 35 organisations during the agency’s latest financial period.
The organisation’s new end of year figures, which signal a 15th year of consecutive growth, confirm that it has invested more than £56m since its inception in 2001, supporting more than 270 organisations.
SIS, which is chaired by veteran businessman Nick Kuenssberg, was set up to provide a source of finance for community enterprises and social businesses which might otherwise find it difficult to access backing from mainstream providers. It manages Scotland’s largest social enterprise fund, the £16m Social Growth Fund, for the Scottish Government.
The latest SIS report shows that the agency invested £502,000 from Asda Community Capital in 14 projects, and £1.1 million from SIS Community Finance in 18 schemes. Some £1.7m from the Social Growth Fund was invested in five projects, while a further £87,000 came from other third party funds managed by SIS.
Mr Kuenssberg said: “In a year in which SIS celebrated its 15th anniversary and successfully completed the first year of its refreshed Twenty/2020 strategy, SIS has continued to build its reputation as a leading player within the UK’s rapidly evolving social investment marketplace.
“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.”
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