Foundation Scotland introduce social investment funding
Posted on 4 May 2021 by Christie McAlpine
Major funder announces integration with Resilient Scotland creating significant social investment opportunities to help Scotland recover.
Foundation Scotland, Scotland's community foundation, is extending its dedicated support for the third sector. The major grant funder will begin offering innovative social investment opportunities to social enterprises in Scotland from Tuesday 4th May.
The move comes as Foundation Scotland and Resilient Scotland announce their integration. Social investment, offered through the experienced Resilient Scotland team, will expand on the community foundation's core grantmaking services providing access to a greater range of funding options.
The new 'Investing in Enterprise Fund’ offers between £10,000 and £500,000 to social enterprises as blended finance. Up to 50% of the funding will be through grants with the remainder through loans, enabling them to become more sustainable, accessing opportunities less reliant on grant funding. Support will help successful applicants to raise funds and only repay part of the total sum. Foundation Scotland will reinvest all returned funds for additional social investment.
Chris Holloway, formerly Head of Resilient Scotland and now Head of Social Investment at Foundation Scotland, said, "The integration of Resilient Scotland into Foundation Scotland makes perfect sense for us as an organisation. However, most importantly, the move will offer significant benefits to Scotland's thriving social enterprises. Collectively our knowledge, support and experience will enhance the holistic support provided to Scotland's social enterprises. Groups will be able to come to Foundation Scotland for traditional grants, which they continue to need, and now also innovative investment opportunities. This is great timing for us as we paused all new support through the pandemic; instead, we have focussed our support on our existing investees. A huge thanks to the National Lottery Community Fund for their continued support over the past 9 years. For now, it's business as usual for our current investees, and we very much look forward to opening our doors to new investees."
Giles Ruck, Chief Executive of Foundation Scotland, said, "Across the last few years, we have witnessed a shift change from our donors. They have understood that the funding landscape is changing, and they've shown an increased appetite to provide communities with wider, longer-lasting funding opportunities. Across our 25-year history, we've never been needed more. We understand that the sector needs our committed, innovative support to help them build back better. Our integration with Resilient Scotland will support this and will bring many benefits to the third sector. We are encouraging all social enterprises that are looking for additional investment to visit our website or contact our team directly to discuss your eligibility".
Foundation Scotland is offering new social investment opportunities across 13 of the most disadvantaged local authority areas across Scotland. The Foundation expects to extend the service to the whole of Scotland at a later date, and welcome even more new enterprises to Foundation Scotland.
Later this month, the Foundation will be publishing a full evaluation highlighting the impact of Resilient Scotland's social investments since 2012.
For more information, including details on how to apply for the Investing in Enterprise Fund visit the Foundation Scotland website.