By Scott Wright
A FUND established to help social enterprises and charities recover from the impact of the pandemic has reopened with a fresh cash injection.
Social Investment Scotland has announced grants of up to £1.6 million are available in the form of loans under the second round of its Recovery and Resilience Fund.
The fund is open to applications from “purpose-driven” organisations hit hard by the fall-out from the pandemic for loans starting at £200,000, with low interest rates, no arrangement fees and no repayments for the first 12 months; further repayments can then be scheduled over a five-year period.
The fund was originally set up in October, but has reopened to support social enterprises and charities amid the tough economic backdrop that has followed the pandemic. And its second iteration has already agreed a combined funding package worth £1.35m for three Scottish organisation, with Glasgow community anchor organisation The Mungo Foundation, communications support charity Sense Scotland, and Outdoor Access Trust for Scotland receiving £350,000, £600,000 and £400,000 respectively.
Chris Jamieson, head of investments at SIS, said: “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.
“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.”
The Mungo Foundation provides residential, at-home and community care for more than 1,500 vulnerable people across Glasgow and the west of Scotland, supporting residents with living with disabilities, mental health needs and those at risk of homelessness. It plans to use the grant to roll-out new IT infrastructure that will enable the charity to improve efficiencies and boost sustainability.
Irene Saunders, deputy chief executive and finance director at foundation, said: “The funding received from SIS ensures that we can confidently go forward with our plans which will help the organisation to deliver contemporary and evolving social care provision.”
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