Covid Scotland: a social enterprise site offers a scholarship program to sectors affected by the pandemic
A SOCIAL company that is due to open its second community workspace offers a scholarship program to help those affected during covid.
Agile City is now on the verge of opening new premises at Spiers Lock in Glasgow and has received a boost with a vital combination of grants and loans of Â£ 150,000.
They open up Civic House, a workspace and place that supports creative learning and socially engaged approaches to city building. Located in Civic Street, north of Glasgow, Agile City is Foundation Scotland’s first investment since its merger with Resilient Scotland earlier this year.
And we hope that reconstruction after covid will be an area where they can help. Their plan is to set up a scholarship program starting in October for a free six-month membership for people who have been negatively affected by covid.
It is hoped that the building will host a thriving co-working space, venue and later a cafÃ© that fosters a community of socially engaged practitioners through a program of public events. They already have a site in the building next to the glue factory.
And it is hoped that Civic House will become a leading case study in environmental innovation where management creates Scotland’s first Victorian warehouse that has been modernized to international environmental sustainability standards with a total cost project of Â£ 1million.
Rob Morrison, Director of Agile City CIC, said: âThe support we have received from the Foundation Scotland team has enabled us to plan, develop and launch our new central premises which are slated to open in Glasgow later this month – this.
âWe are extremely grateful to have received such a large sum through the combination of loans and grants, but on top of that the team offered a true partnership approach to funding, which has been so refreshing and encouraging. They took the time to understand our business, the challenges and the opportunities that arise.
âFoundation Scotland provides essential support to ambitious organizations like ours, eager to rebuild themselves stronger beyond the crisis. Together we worked on scenario planning, discussed key issues that we had not considered on our own, and that relationship support continues beyond the funding decision – they continue to offer support throughout. long of the partnership.
He said a key component was supporting people coming out of the pandemic.
Mr. Morrison added, âStarting next month, we are running a scholarship program to provide sustained membership for six months. The first round of scholarships will run from October to April 2022. We are targeting this opportunity to those working in the creative, cultural and social sectors whose practices have been disproportionately affected by the pandemic, and who will benefit from access to a workspace and support through a network of peers. ”
Foundation Scotland, the Scottish community foundation, has generated unprecedented interest from social organizations keen to grow and expand. The team received a typical year of inquiries in just four weeks, a testament to optimism, confidence and ambition across the industry.
The surge in inquiries followed the launch of the new âBusiness Investment Fundâ in May, the industry’s only blended grant and loan product. The new fund was created by Foundation Scotland following its integration with Resilient Scotland, expanding the range of support available to community foundation organizations. The fund can invest up to Â£ 500,000 in social enterprises, community organizations and charities. Up to 50% (Â£ 250,000) of this amount can take the form of a grant and the remainder of a repayable loan. With an interest rate of 6.1%, this is the most affordable loan offer in the industry, and Foundation Scotland invests any funds returned for additional social investment.
Prior to joining Foundation Scotland, the Resilient Scotland team had already distributed over Â£ 11.6million in grants and blended loans to over 100 organizations since 2012. Foundation Scotland retained the experienced team of social investment from Resilient Scotland, building on this success through the new ‘Business Investment Fund’.
Chris Holloway, Head of Social Investment at Foundation Scotland, said: âWe have received a phenomenal level of interest in our new Investing in Enterprise fund since its launch in May. It exceeded all of our expectations and can only be considered an extremely positive result. sign as organizations seek to move beyond covid. We are in the process of recruiting a new Investment Manager to increase the capacity of our team and help manage the growing demand. Thanks to our evaluations, we see a clear sense of optimism, diversity and a desire for development. Social enterprises come to Foundation Scotland for our partnership approach. We offer knowledge, support and experience in addition to funding. Collectively, this offers significant benefits for Scotland’s thriving social enterprises. We offer flexible repayment periods for all funded groups, which has never been more important under today’s circumstances. We encourage interested groups to contact us to discuss potential support available. ”