Scottish Investment Fund open for applications

By Per Fischer

September 16, 2008

Scottish Investment Fund SIF is a £30m fund established by the Scottish Government to build on the activities of the Futurebuilders Scotland Programme.

SIF will target social outcomes achieved in specified priority areas and adopt an investment-based approach fundamentally different to traditional grant-based schemes.

2008/09 investment priorities will focus on organisations with social missions that address issues of employability, environmental action, and the underlying causes of health inequality.

Key features of SIF

• A total of £30m will be subscribed over a three-year period - £4m in 2008/2009, £10m in 2009/10 and £16m in 2010/11
  
•  SIF is targeted at established, 'investment ready' social enterprises which have been trading successfully, generating income other than grants, for at least three years and which aim to achieve a step change in their activities
  
•  SIF aims to provide a blend of funding solutions including loan finance and non-repayable strategic investments as well as other financial products providing the equivalent of risk capital
  
• Loan funding will be a key element of all SIF investment packages. Note: Organisations unwilling (or unable) to consider loan finance will not be eligible for SIF investment

Online Appraisal

The website went live in September when the SIF opened for applications.

A key feature of the website is an online Appraisal model which enables organisations seeking investment to establish firstly, whether or not they meet SIF eligibility criteria, and secondly, the extent to which their activities and social outcomes fit with the investment priorities of the fund.

The model covers 3 areas - Eligibility, Investment-readiness and Investment priorities.

On completion of all three stages of the online model, organisations seeking investment will be given an initial indication of the likelihood that their proposal will progress to the next stage.

The SIF is managed by Social Investment Scotland and further information can be found on the SIF website or by phoning 0131-558-7706.

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