ImpactAlpha, April 25 – The Scottish community development financial institution has formed a subsidiary, SIS Ventures, to seed social startups. SIS Ventures is looking to raise a £5 million fund ($7 million) over three years by leveraging tax breaks for individuals investing in social enterprises. Social Investment Scotland earlier this year took on management of Big Society Capital’s new community finance loan fund.
- Small fund, big noise… The new fund has been controversial. Social Investment Scotland has historically lent to charities and social enterprises and recycled returns into its lending activities.
- Scotland’s social startup scene… Scottish Communities Finance launched a community bond program last year.