One of Scotland's oldest and most historic theatres is on the "home straight" of a multi-million pound fund raising campaign after receiving a £500,000 boost.

The Ayr Gaeity has received a £500,000 loan from the Social Growth Fund and a grant of £90,000.

The planned refurbishment of the B listed theatre, originally built in 1902, is now around £300,000 short of its £2.4m funding target.

The £90,000 comes from the Scottish Government through the People and Communities Fund for 2015/16.

The £500,000 loan is one of the first allocations of funds through the £16m Social Growth Fund, a fund established to provide assistance to charities and social enterprises.

The Gaiety Theatre is an historic venue, a former stage for comedians, singers, variety acts and icons such as Sir Harry Lauder, the jazz violinist Stephane Grappelli, Jimmy Logan and a host of other stars.

Alex Neil, Scotland's social justice secretary, said: "This loan will help the Ayr Gaiety Partnership regenerate its fantastic historic building.

"By renovating the theatre and improving the experience for audiences I'm confident that this will have a knock-on effect on the local economy, encouraging more people to visit and spend money in Ayr.

"This Fund encourages our entrepreneurs and enterprising organisations to think of innovative ways to tackle inequalities and help us to deliver a better Scotland."

Since re-opening the theatre more than two years ago, the Ayr Gaiety Partnership has sold more than 120,000 tickets.

It has also launched a skills and employment initiative, established work with young people across Ayrshire and taken on the programming of four more venues.

The improvements to the theatre include revamped heating and ventilation and renovation of the entrance and foyer.

Ian Welsh, chair of Ayr Gaiety Partnership, said: "This investment couldn't have come at a better time for us.

"We now need only around £300,000 before we can go ahead with our plans, so we are now on the 'home straight.'

"With a fully restored theatre we will be able to put on an even better programme of shows and put our business on a sustainable footing.

"More than this, a modernised and fully equipped theatre will play a key role in our plans to provide training and employment opportunities to young people."

The £16 million Social Growth Fund consists of £8 million of loan repayments from recipients of the Scottish Investment Fund which have been reinvested by the Scottish Government, and £8 million from Big Society Capital.

The Fund is managed by Social Investment Scotland (SIS).

Alastair Davis, chief executive of SIS, said: "Ayr Gaiety Theatre delivers many social and economic benefits to the local community and we are delighted to assist with its renovation plans.

"This funding commitment from the Social Growth Fund has paved the way for significant commitments from other funders which have enabled this project to come to life.

"Once the renovation is complete, the theatre will provide Ayrshire with a truly first class facility, which will deliver positive social impacts for many years to come."