SIS is the 8th Community Development Finance Institution (CDFI) lender accredited by the British Business Bank under its Community ENABLE Funding programme and the first with a dedicated focus on Scotland.

The programme works by increasing the availability of funding to social impact small business lenders, including CDFIs, who in turn can provide that funding to the smaller businesses they serve in local communities.

With loans ranging from £25,001 to £125,000, the programme will be deployed across several local authorities for an initial pilot phase including Glasgow, Argyll and Bute, West Dunbartonshire, North Ayrshire, South Ayrshire, East Ayrshire and Inverclyde.

Reinald de Monchy, Chief Banking Officer at the British Business Bank, said: “Expanding the Community ENABLE Funding programme across the UK’s nations and regions is central to our mission, so we are delighted to welcome Social Investment Scotland as the programme’s 8th accredited lender.

“Social Investment Scotland has a strong and trusted track record in the region, and we are confident that their local insight will help break down barriers to finance for a wider pool of entrepreneurs, supporting job creation and enabling them to realise their full potential.”

Alastair Davis, CEO of Social Investment Scotland, added: “We promised Scotland would be next when we launched the Community Investment Enterprise Fund to help CDFIs support small businesses in England and Wales. With that fund now fully deployed, this accreditation brings that ambition closer to home.

“Through the Community ENABLE Funding programme, we can reach small businesses across communities in Scotland that are often underserved by mainstream lending, giving them the capital they need to grow, create jobs and build resilience in their local economies.”

SIS is an established CDFI, with more than 25 years’ experience delivering responsible, impact-led lending to social enterprises and charities across Scotland.

It offers debt finance and support to underserved charities, social enterprises and smaller businesses that may find it difficult to access finance from mainstream lenders.

CDFIs typically have strong, local knowledge of the businesses they support and the communities they reside in. As such, they are well placed to help remove barriers to accessing finance experienced by businesses, which can unlock the potential in those communities.