A second round of funding through Social Investment Scotland’s recovery and resilience fund, to support charities and not for profit oganisations to tackle the impact of the Covid-19 pandemic, has been announced.
Through this latest funding round loans totaling £1.6m will be made available. Charities can apply for loans starting from £200,000 with no repayments for the first 12 months and further repayments scheduled over five years.
The fund was initially set up in October 2021 but has re-opened to meet the needs of the charity sector as it continues to recover from a drop in fundraising and other income amid the health crisis. Applications close on July 1.
Through the first round of funding £1.35m was awarded to three charities, The Mungo Foundation, which accessed £350,000, Sense Scotland which was loaned £600,000 and Outdoor Access Trust for Scotland which received funding of £400,000.
“The third sector and social enterprises were a critical community lifeline during the pandemic, but the end of lockdown hasn’t necessarily meant an instant return to normality for them, particularly when it comes to income generation,” said SIS head of investments Chris Jamieson.
“We know that many of Scotland’s most impactful organisations and purpose-led organisations found it difficult during the pandemic to access the support they needed, and that demand for funding still exists, particularly with the cost-of-living crisis.”
He added: “It’s time to turn up the volume and ensure social enterprises and charities play a critical role in providing goods and services that deliver impact as well as profit.
“To support that, we’re providing greater access to the support they need for recovery including investment, tailored business advice and further guidance as required.”
Climate change
Meanwhile, the Scottish Council for Voluntary Organisations has been awarded more than £33,000 to support charities and social enterprises to tackle climate change. The money, from Scottish walking charity Paths for All, will be used to host a programme of free awareness raising activities on the environment.
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