By Kristy Dorsey
Social Investment Scotland (SIS) has passed the £100 million milestone after the amount of active loans and investments furnished jumped by more than a third in its latest financial year.
The money from the responsible finance provider since its inception in 2001 has supported a total of 460 social enterprises, community organisations and mission-driven businesses, according to its latest impact report. A total of 212 organisations benefitted from £38m of funding this past year, up £28m across 175 organisations in the previous 12 months.
Lending volumes included £18.6m drawn directly by social enterprises across Scotland, plus £10.7m provided to other responsible lenders who in turn offer finance to enterprises and individuals unable to secure backing from mainstream lenders. The remainder was invested through SIS Ventures.
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SIS also took a leading role in Scotland’s pandemic emergency support for the social and third sector, deploying £4.6m in Covid response funds to 50 organisations.
“Over the past year, the team at SIS has worked incredibly hard to create and deliver financial products and programmes to support social enterprises and the third sector throughout what has undoubtedly been an exceptionally difficult year for most,” SIS chairman Ken Barclay said.
“We are humbled to have worked alongside the many social enterprises responding as only they know best, to the needs of their local community.”
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