Resilient Scotland has announced it will pilot a new investment product, lending up to £10,000 to address short term working capital needs. This will only be offered to existing investees who will be expected to pay back the loan within three months.
This new product has been developed in response to feedback from our investees and will help support them through the day to day challenges of running a business.
Chris Holloway, Head of Resilient said “ There is mounting evidence that a lack of working capital can have a detrimental effect on the long term sustainability of a business; impacting on growth, lost opportunities or diminished competitive advantage.
“Resilient Scotland wants to support the growth and development of the sector, therefore it needs to offer social enterprises robust but practical investment solutions.”
Communities Secretary Angela Constance said: “Scotland’s social enterprise sector is regarded as a world leader and an example of best practice, and the sector can make a vital contribution to the economy as a whole as well as our communities.
“Our ten-year strategy was developed with the sector and has allowed us to direct our action to grow the industry and drive inclusive growth by opening it up to national and global markets. We allocated over £6.5m for supporting social enterprise and social finance in 2016/17. Our recently published three-year action plan includes doubling the Social Entrepreneurs Fund, providing £3m over the next 3 years to help encourage the next phase of social enterprise innovators.”
“I welcome this funding from Resilient Scotland to help social enterprises realise their ambitions.”