FOUNDATION Scotland, Scotland’s community foundation, has announced an extension to the geographic reach of its social investment funding. The ‘Investing in Enterprise Fund’ offers up to a quarter of a million pounds in blended finance to eligible social enterprises, community organisations and charities and will now be available to over 70% of Scotland’s population.
The innovative fund, which launched last year, was previously available within 13 Local Authorities across the central belt. However, this funding model is now being offered to groups working within Falkirk, Stirling, Perth & Kinross, Dumfries and Galloway and The Scottish Borders.
Chris Holloway, Head of Social Investment at Foundation Scotland, said:
“Everyone in the sector knows that post-covid, the funding landscape has changed monumentally; for example, there are far fewer available opportunities for capital costs – yet we know groups urgently need this support to get started or grow. Investing in Enterprise offers this support.
“We are therefore thrilled that through the extension of this fund, we will now be able to work with eligible groups across 18 Scottish Local Authorities which includes new rural and coastal regions as well as some of our biggest cities.
“We’ve invested over £12.5 million in 72 organisations across the last ten years. This funding, combined with our dedicated and experienced support, has delivered transformational change. We have enabled these socially conscious groups to become more sustainable, grow, and become less reliant on grant funding. It’s a win-win all around, and our impact reporting shows that this funding model works. We have ambitions to expand this unique support nationwide, and we’re hoping new donors will enable Foundation Scotland to extend the geographic spread further.
“We are encouraging all interested groups to visit our website or contact our team directly to discuss your eligibility.”
The ‘Investing in Enterprise Fund’ offers eligible organisations between £10,000 and £250,000 as a blend of grant and loan finance. Up to 50% of the funding is through a non-repayable grant, with the remainder through a loan. Foundation Scotland’s social investment team help successful applicants to raise funds and only repay part of the total sum. Foundation Scotland reinvests all returned funds for additional social investment.
For more information, including details on how to apply for the Investing in Enterprise Fund, please visit: www.foundationscotland.org.uk/