SIS announces increased availability of smaller affordable loans

Social Investment Scotland (SIS) has announced, with continuing funding from the Scottish carrier bag levies, an increase in the availability of smaller affordable loans to even more social enterprises.

The “Plastic Bag tax”, which was introduced in October 2014, has enabled SIS to help early stage enterprises, with loans secured by a diverse range of organisations. Following the success of the scheme, Lorna Baird, Lead Fund Manager for Asda Community Capital, wants to assist enterprises who have yet to access social investment, with sums of up to £50,000 available.

Loans have a fixed rate of 5%, with no repayments in the first year, no interest in the first year and no arrangement fees. Lorna is particularly keen to focus on loans of between £10,000 and £25,000.

Unfortunately, funds are limited, so interested organisations are encouraged to contact Social Investment Scotland as soon as possible, but no later than 14 October.