Community Loan Fund Now Open
Social enterprises are being encouraged to apply to a new fund offering loans of Â£25,000 to Â£100,000. SIS Community Capital, run by Social Investment Scotland, provides affordable unsecured finance over a six year term.
Loans from the new fund are structured to allow social entrepreneurs to generate income and use cash flow to build revenues paying just interest-only in the first three years at an affordable rate of six per cent per annum.
The funding is ideally suited to established social enterprises which are looking to expand or replicate their business through, for example, buying or building new properties and equipment.
Alastair Davis, chief executive of Social Investment Scotland, said: â€œSIS Community Capital will fast track the growth ambitions of up to 10 social enterprises across Scotland.
"By providing growth capital at an affordable cost over a six year term, customers will have the time to be able to develop their businesses, and focus on increasing their social impacts, before loan repayments begin.
â€œHowever, there are only limited funds available so weâ€™d encourage any interested social entrepreneurs to come and speak with us as soon as possible.â€
SIS Community Capital is composed of money raised entirely from private investors.
The final deadline for investment applications is 14 October 2015. For further information and how to apply follow this link.