|
Scottish
Government Scottish Investment Fund
The
Scottish Government has appointed Social Investment Scotland
to manage the £30 million Scottish Investment Fund which
opened in September 2008. The fund will make investments throughout
an initial three-year period and will provide individual social
economy organisations with funding packages that comprise
a mix of loans, risk capital and non-repayable strategic investments.
What
is the funding for?
SIF will make strategic investments in individual organisations
seeking support to achieve a step-change in their operational
capacity, capabilities and financial sustainability.
The principal
eligibility criteria relate firstly to contribute to one or
more of the the 15 National outcomes for Scotland being realised
by the investment but also reflect the fact that SIF will
focus on specific organisational characteristics to achieve
its investment targets
How
much money is available?
A total of £30m will be subscribed over a three-year
period - £4m in 2008/09, £10m in 2009/10, and
£16m in 2010/11. There is no overall template for investment
packages - they will be flexible financial solutions right
for individual organisations within the broad parameters of
the Fund's investment strategy. However, all investment packages
will contain an element of loan finance on average, likely
to be at least 50% of the total investment provided by the
Fund. Investments will range from a minimum of £100,000
to a maximum of £1,000,000.
Who
can apply?
The fund will only invest in established, 'investment-ready'
third sector organisations, located and trading in Scotland,
with social aims including those related to equality and diversity,
which re-invest any surpluses for a social purpose.Other characteristics
of potential investment targets include:
*a history
of successful operations, including generating income other
than grants, for at least three years;
*an established track record of successful service delivery
in either the public or private sectors;
*a robust business plan including a minimum of three years'
financial projections; and
*the ability to demonstrate strong historic and projected
social returns.
How
to apply
Candidates have to complete an on-line appraisal
form as a first step. If successful this will lead to
further forms to be completed on line. Again if this is successful
someone from SIS will contact you to discuss the programme
further.
Further
information can be found on the website
Key words: social enterprise, investment,
loan, community, third sector,
|
