Applications are now open for a lending scheme offering £500,000 worth of investment and support to 12 early-stage social ventures across Scotland.
Big Issue Invest’s Power Up Scotland programme was first launched in November 2017 and has supported 19 social business to date with a total of close to £500,000. The programme is funded by abrdn, University of Edinburgh, Experian, Places for People and the Scottish Government with legal support from Brodies LLP.
Danyal Sattar, CEO of Big Issue Invest, said: “We are really excited about this year’s Power Up Scotland programme. A lot of fantastic early-stage social ventures across Scotland struggle to access small to medium-sized loans, so we are so pleased, working with our brilliant partners, to be able to support those organisations with the investment and business development expertise that they need in order to make an even greater difference within their communities in a post-Covid world.”
The Power Up programme is open to organisations across Scotland. The funding available is to enable organisations to build on the good work they currently do within their communities. Whether it’s buying equipment, hiring new talent, or progressing with business development plans. Successful applicants will also receive mentoring and business development support to social ventures for the two-year period.
The programme has been designed for early-stage social ventures, regardless of company structure – social enterprises, charities, and private enterprises are all welcome, with social value creation being the key criterion. The expectation is that many applicants will be accessing finance for the first time.
Applications for this year’s Power Up Scotland programme are open until 17th September 2021. To apply, visit the Big Issue Invest website to apply.