Resilient Scotland launches £10k loans to ease cashflow
Resilient Scotland has marked its fifth birthday by holding a symposium in the beautiful surrounds of St Luke’s church in Glasgow. The social investor was recently profiled in Pioneers Post. It has £15m of Big Lottery Fund money to disburse over 10 years.
Resilient marked the anniversary by announcing further support for current investees: short-term loans of £10,000 for working capital.
Head of Resilient Chris Holloway announced the initiative saying that he knew late payments could “prove deadly” to cashflow.
The new product will be trialled as a pilot and the money, plus interest, will required to be repaid within three months. Resilient said that it was “a response to an identified need among, not only Resilient investees, but across the sector”.
Plans were also floated to form a business mentoring group matching business directors with relevant experience to social enterprises.
Scottish minister hints at government's preferred forms of social investment
Following the appearance of minister for social security Jeanne Freeman at the Social Enterprise Exchange Marketplace in March, the Scottish government again proved supportive of social enterprise in Scotland, with MSP Angela Constance delivered the opening speech of the day.
The Cabinet secretary for communities, social securities and equalities frequently referred to the ten year social enterprise strategy that the Scottish government published in December 2016, confirming “social investment is very much part of this strategy”.
Constance went on to mention two alternative forms of funding that the Scottish government was keen to support.
When referring to social impact bonds, Constance admitted that there had been “some concern” about them. However, she went on to describe a YMCA version of social impact bond that had been successful in Perth as “a variation more suited to Scottish circumstances”.
The YMCA Social Impact Investment Partnership offered support to 300 young people, aiming to get them into education, employment or training. Instead of a large financial institution putting up the cash, 12 local investors did.
The interventions were successful, outcomes were achieved and investors were repaid by the Department of Work and Pensions. Constance also said that the government was committed to expanding the use of community share schemes.
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