University pledges £1m to social enterprise fund
Projects offering job training, better housing, and environmental improvements are among the schemes set to benefit from a new multi-million pound fund.
The University has invested £1 million in the Scottish Social Growth Fund to enable social enterprises, charities and voluntary groups deliver community projects while contributing to the wider economy.
Organisations will be able to access loans of between £100,000 and £1.7m from the new fund, which is administered by Social Investment Scotland.
The University of Edinburgh is delighted to support the new Scottish Social Growth Fund with £1m over the next five years, helping even more social enterprises, charities and voluntary groups to have a positive impact on local people and the economy. Delivering sustainable and inclusive impact for society is a priority for the University, and we look forward to hearing how this funding is used to improve local people’s lives.
The Scottish Government has committed £8m of public money to the project. Big Society Capital, a UK-wide social investment company, has also made a commitment of £8m, pending finalisation of the necessary legal arrangements.
Since 2008, the Scottish Government’s partnership with Social Investment Scotland has helped to unlock around £30m of investment, providing 90 third sector organisations with the investment needed to scale and grow. We’re delighted to add the University of Edinburgh as a new investor. By increasing the amount of social investment capital available to Scotland’s booming social enterprise sector, we can connect more capital with communities and contribute to inclusive growth for Scotland.
The Scottish Government’s Communities Secretary, Aileen Campbell MSP, announced the funding while visiting Out of the Blue, a social enterprise based in Edinburgh.
The Scottish Social Growth Fund is a key part of delivering our ten-year Social Enterprise Strategy, promoting an entrepreneurial mindset across Scotland’s third sector to tackle some of the toughest challenges faced by our communities.