A community finance fund invested £7.5million in 45 different organisations throughout Scotland last year creating 454 jobs, a report published today has found.
Social Investment Scotland, which is backed by a range of banks, specialist lenders and charitable bodies, said it has made investments totaling nearly £50million since its launch in 2001. These include grants for organisations such as Aberdeen Foyer, the Buchan Dial-A-Community Bus and Inverness-based youth charity Day 1.
The firm runs a series of loan and investment schemes aimed at social enterprises, charities and community organisations. It runs the £31.8million Scottish Investment fund on behalf of Scottish Government and launched Asda Community Capital which will deliver up to £350,000 in 2015/16 using money raised from the single use carrier bag levy.
Nick Kuenssberg, chairman, Social Investment Scotland said: “By using social investment to fund further growth, our customers are not only creating more jobs and generating more income, they are also able to increase the impacts they are making to the lives of people within communities across Scotland.
“At a time when the Scottish Government strives to secure economic growth, promote social justice, strengthen communities and tackle inequality, it’s clear that social investment has a major role to play in Scotland’s economic and social development,” he added.
The firm said it secured £23million of new or renewed investment commitments from the Royal Bank of Scotland, Bank of Scotland, Clydesdale Bank, the Scottish Government, Big Society Capital, Triodos Bank and Asda.