£30 million investment fund launched

£30 million investment fund launched

Enterprising Third Sector organisations can help create a more successful country with support from the £30 million Scottish Investment Fund, John Swinney said today.

The details of this project have been taken forward in partnership with Green MSPs – as part of the informal agreement between the party and the Government following last year’s election.

The fund opens on September 1 and will provide support to established Third Sector organisations with the potential to grow their turnover or become financially sustainable.

Speaking ahead of the Scottish Council for Voluntary Organisations (SCVO)’s Gathering in Glasgow, when the Scottish Government’s Enterprising Third Sector Action Plan will be published, Mr Swinney said:

“The Scottish Government’s over-arching purpose is to create a more successful country, with opportunities for all of Scotland to flourish through increasing sustainable economic growth.

“An enterprising Third Sector has a pivotal role to play in achieving this goal which is why we have increased funding for the sector by 37 per cent.

“The Third Sector is often best placed to connect with individuals the public sector finds hardest to reach, and to bring employment opportunities, and income to individuals where the private sector doesn’t operate.

“The new Scottish Investment Fund will help established Third Sector organisations extend their services to more people and become more enterprising and sustainable organisations.

“It will be targeted at organisations that can make a key contribution to delivering the Scottish Government’s strategic objectives of creating a wealthier and fairer, healthier, safer and stronger, smarter and greener Scotland.

“In the first year of the Fund I am particularly keen to see the Fund invest in organisations that address issues of employability, environmental action and tackle the underlying causes of health inequality.

“We have allocated £30 million over three years to this Fund which, we see as a long-term vehicle for investing in the Third Sector.

“This Scottish Investment Fund, combined with the Enterprising Third Sector Action Plan, will build on the ambitions of enterprising Scots and ensure that more people benefit from an increasingly successful economy.”

Green MSPs have worked closely with ministers on developing the policy. Patrick Harvie said:

“Scotland’s social enterprises are an essential part of the fabric of our society, combining traditional Scottish values of social cohesion and the tools of entrepreneurship with often radical visions of sustainability. The sector is growing in strength and confidence, and we are therefore pleased to be working with Scottish Ministers to deliver the Scottish Investment Fund, which will look at innovative ways to support social enterprise and social firms still further.”