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Social enterprise fund targets ‘purpose driven’ businesses hit by Covid and cost of living crisis

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A second round of funding has been made available by Social Investment Scotland (SIS) through its Recovery and Resilience Fund, with loans of up to £1.6m.

The fund welcomes applications for flexible loan funding which is designed to support ‘purpose driven’ Scottish organizations which have been hardest hit over the past two years of lockdown and restrictions.

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The fund was established in October 2021 but has reopened to provide social enterprises and charities with a financial boost amid the ongoing economic recovery.

Organizations will be able to apply for funding from £200,000, with low interest rates, no application fees, no repayments for the first 12 months and further repayments scheduled over a five-year period.

SIS chief investment officer Chris Jamieson said: “The third sector and social enterprises have been a vital community lifeline during the pandemic, but the end of lockdown has not necessarily meant an instant return to life for them. normality, especially with regard to income. generation.

“We know that many of Scotland’s most influential organizations and purpose-driven organizations have struggled during the pandemic to access the support they need, and the demand for funding still exists, particularly with the cost of living crisis.

“As we continue to rebuild Scotland’s economy – build back better – it’s time to ramp up the volume and ensure that social enterprises and charities play a vital role in delivering goods and services that generate a impact as well as benefits.”

Dougie Baird, chief executive of the Outdoor Access Trust for Scotland, one of the organizations to have received the funding so far.

Three Scottish organizations that have so far received combined funding of £1.35million through the fund, supporting their return to normality post-pandemic are Glasgow community anchor organization The Mungo Foundation, the communications support charity Sense Scotland and the Outdoor Access Trust for Scotland. Each received £350,000, £600,000 and £400,000 respectively.

Dougie Baird, chief executive of the Outdoor Access Trust for Scotland, said: “The pandemic really couldn’t have come at a worse time for us as we were coming to the end of our biggest project to date, The Mountains and The People Project, and resulted in increased costs and reduced revenues.

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