SIS achieves record £51 million in annual social investments
Leading responsible finance provider, Social Investment Scotland (SIS) has, for the first time, surpassed £50 million in active loans and investments to social enterprises, charities, community groups, and mission-led businesses during a single year, according to its latest annual Impact Report.
Total active loans and investments for the year (April 2023 to March 2024) reached a record-breaking £51.1 million among 216 social enterprises, an increase of £3.6 million on the previous year.
Throughout the 12-month period, 4.5 million people benefitted from the projects supported by SIS with organisations making an impact in the key areas of alleviating poverty, supporting the transition to net zero and growing the economy, all of which have been identified as key priorities for the Scottish Government.
Around one-third (32%) of SIS customers secured loans under £50,000, underlining its successful efforts to connect smaller, local charities and community groups with critical finance. The average loan drawn down over the course of the year was £210,207.
In line with its strategic action plan of ‘Turning up the Volume’ on its vision for an impact economy, SIS played a leading role in delivering the Community Investment Enterprise Fund (CIEF), a partnership with Lloyds Bank, Big Society Capital, and three CDFIs. This £62 million fund will provide vital capital to around 800 small businesses, supporting approximately 10,500 jobs in England and Wales.
The ambition is to create a similar fund for Scotland in future, offering a means of building wealth in communities and helping small businesses to thrive.
As the lead member of the Financial Inclusion for Scotland (FIFS) group, SIS also played a key role in the launch of Scotland’s first co-produced, nationwide financial inclusion strategy, aimed at enhancing the financial wellbeing of our most vulnerable people and enabling access to mainstream financial services.
Alastair Davis, CEO of Social Investment Scotland, said: “Our mission to build an impact economy is underpinned by a commitment to creating lasting and meaningful change in the lives of individuals and communities across Scotland and the rest of the UK.
We firmly believe that social enterprises are uniquely positioned to tackle the nation’s most pressing priorities, and this report highlights the tangible difference our investments and programmes are making.
From working towards eradicating child poverty and enhancing public services, demonstrated by our support for FARE Scotland’s transformation of a state-of-the-art community sports facility in Easterhouse, Glasgow to addressing the climate emergency by supporting the Radio City Association to construct Scotland’s first subsidy-free 100% community-owned onshore wind turbine.”
He added: “This year saw us hit another record figure for active loans and investments, but the impact we’ve achieved is a shared success among our customers, partners, stakeholders and the communities we work with. We are focused on continuing to make an impact over the next 12 months.”
FARE Scotland transformed the former Stepford Sports Park into a state-of-the-art community sports and leisure centre, following a £1.6 million funding package from SIS to finance the extensive upgrades.
The charity converted two smaller grass football pitches into one full-sized 4G pitch and added five 5-aside pitches with new floodlights and fencing. The aim is to increase local participation in sports and physical activities, promoting wellbeing throughout various community groups and teams.
Paul Humphreys, acting CEO of FARE Scotland, said: “The support from SIS has enabled us to create a state-of-the-art football facility that will benefit both youth and adult teams, as well as supporting FARE Scotland’s programmes which are available to the local and wider communities.”
