Funding news
Third Sector Growth Fund
A new £30 million fund is being established to support small businesses within the third sector, helping them to grow as Scotland recovers from the impacts of coronavirus.
The fund will be designed to respond to a need for third sector organisations to access loans to help grow and explore new forms of social investment and finance. It will also help support the sector to meet the challenge of the pandemic and to become more sustainable in the long-term.
The Third Sector Growth Fund will have three elements:
The Social Catalyst fund, which totals £15 million, will help growing organisations which are not able to access finance through standard loans, offering investment which can be repaid based on turnover, rather than growing interest rates. This would suit small businesses and start-ups whose income is variable. Managed by Social Investment Scotland and Firstport.
The Circular Economy Fund will support activity which builds on sustainability of social enterprises and enables growth through investment loans. Together with The Long Term Third Sector Finance Fund which will offer loans for social enterprises and Third Sector organisations over a period of 18-24 months, a total of £10 million will be available. Managed by Social Investment Scotland.
The Social Impact Venture Portfolio will offer investments of equity into mission-driven businesses, encouraging organisations to adopt a social enterprise model. This is worth £5 million.
Further details of the funds and how to apply will be published on Social Investment Scotland and Firstport websites later this Spring.
Financial vulnerability grants open for charities in Scotland
Bank of Scotland Foundation, has launched its Invest grant programme – a multi-year programme for charities helping vulnerable people manage various financial issues, including those who were already facing significant difficulties with their finances before the pandemic, and those who are now accessing charity support services for the first time as a direct result of the pandemic.
Who can apply?
Any charity with an annual income of between £100,000 and £1m who has projects addressing financial vulnerability, is eligible to apply.
What will they fund?
Charities can apply for core cost funding, and / or project cost funding, of between £20,000 and £40,000 per year for between 2 and 5 years. For example, this could be towards:
Traditional financial support services provided by Citizen’s Advice Bureau’s and Money Advice Centres.
Projects to improve financial literacy for people who are living on low incomes and /or requiring debt management support.
Financial awareness and money advice services for people with illnesses and long-term conditions (including Mental Health) and their families.
More tailored financial advice targeted towards vulnerable groups within their communities.
Support for issues around fuel and/or food poverty and/or budgeting and maximising income to ensure people are not at risk of homelessness.
Apply now
Charities have until 12 noon Thursday 1 April 2021 to submit applications through the Foundation’s website.
