Social Investment Scotland surpasses £50m in active loans and investments for the first time

LEADING responsible finance provider Social Investment Scotland (SIS) has surpassed £50m in active loans and investments during a single year.

According to its latest annual Impact Report, the total for the 2023-2024 financial year reached £51.1m, a landmark achievement for the provider.

This supported 216 social enterprises, charities, community groups, and mission-led businesses.

The record-breaking total reflects a £3.6m increase from the previous year and highlights SIS’s ongoing commitment to supporting projects that benefit communities across Scotland.

Over the course of the year, 4.5 million people benefitted from SIS-backed initiatives focusing on alleviating poverty, supporting the transition to net zero, and growing the economy – all key priorities identified by the Scottish Government.

Notably, 32% of SIS customers secured loans of under £50,000, demonstrating SIS’s commitment to making finance accessible to smaller, local organisations.

The average loan drawn down during the year was £210,207.

As part of its strategic plan, ‘Turning up the Volume’, SIS took a leading role in the Community Investment Enterprise Fund (CIEF).

This £62m fund was created in partnership with Lloyds Bank, Big Society Capital, and three Community Development Finance Institutions (CDFIs).

It aims to support around 800 small businesses and approximately 10,500 jobs in England and Wales.

SIS hopes to replicate this success in Scotland, enabling small businesses to thrive and build wealth within their communities.

Alastair Davis, CEO of SIS, said: “Our mission to build an impact economy is underpinned by a commitment to creating lasting and meaningful change in the lives of individuals and communities across Scotland and the rest of the UK.

“We firmly believe that social enterprises are uniquely positioned to tackle the nation’s most pressing priorities, and this report highlights the tangible difference our investments and programmes are making.”

One major project funded by SIS was the transformation of Stepford Sports Park in Easterhouse, Glasgow, into a state-of-the-art community sports facility by FARE Scotland.

The project, supported by a £1.6m funding package, saw the creation of new football pitches and facilities aimed at promoting physical activity and wellbeing.

Paul Humphreys, acting CEO of FARE Scotland, said: “The support from SIS has enabled us to create a state-of-the-art football facility that will benefit both youth and adult teams, as well as supporting FARE Scotland’s programmes which are available to the local and wider communities.”