Hebrides Today

News from the Western Isles

Island enterprises encouraged to apply for new funding

Posted by Editor On February - 26 - 2009

Social enterprises across Lewis and South Uist are being encouraged to take advantage of a new £30m investment fund.


The Scottish Investment Fund (SIF) will provide funding for services that benefit the local community.


To promote the initiative, managers from Social Investment Scotland (the body which administers the fund) will attend meetings of the Lewis and South Uist Social Enterprise Partnerships this week.


SIF administrator Social Investment Scotland is aiming to make awards to around 60 to 80 organisations over the next three years. Prime areas for investment include: social care; environmental projects; employment training; disability services and health equality initiatives.


Investment from the fund is tailored to the requirements of individual organisations and will comprise a combination of loans at affordable fixed rates as well as ‘patient capital’ and non-repayable funding.


The first stage for those who wish to find out more is a simple on-line process. In less than 15 minutes groups will know whether or not they meet the basic eligibility criteria.


Scott Anderson, Chief Executive of Social Investment Scotland, said: “The Scottish Investment Fund marks a new way forward for social enterprises. It will give an added commercial focus to the sector and help organisations across regions such as the Western Isles develop revenue generating initiatives.


“SIF offers an additional means of attracting funding for social enterprises with real growth potential. For those who qualify, the fund will give them the capital they need to help them succeed and enable them to make an enhanced contribution to Scotland’s economy."


“Whilst we have already received a number of approaches, we are looking for more at present. I would encourage any individuals running social enterprises that have the scope for growth to consider the benefits of SIF and contact us to see if they are eligible.”


For further details visit: www.scottishinvestmentfund.co.uk

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