Funders back continuation of Community Shares Scotland Programme with £800K investment
After a hugely successful initial three years, Development Trusts Association Scotland (DTA Scotland) has been given the green light to continue to operate their Community Shares Scotland programme for a further three year period, thanks to the Scottish Government and Big Lottery Fund Scotland.
Both organisations have committed to jointly investing a total of £812,101 over the next three years which will enable the Programme to continue to support community organisations looking to utilise a community share issue to fund their enterprise activities.
Having supported well-known community ventures like the community buy-out of Portpatrick Harbour and the Glenwyvis Distillery project, Community Shares Scotland has greatly increased the awareness of community shares as a mechanism for raising finance and social investment in the short time that the Programme has been operational.
During its first three years Community Shares Scotland1:
- Provided direct support to 88 community groups and organisations
- Completed 14 separate share offers
- Helped raise over £8 million in share capital
Upon confirmation of the funding DTA Scotland Director Ian Cooke said:
“DTA Scotland is delighted that the Scottish Government and Big Lottery Fund have agreed to support the next phase of the Community Shares Scotland Programme. With a number of innovative and exciting community share issues already in the pipeline, this investment represents a strong commitment to community shares and the contribution which they can make towards empowering communities throughout Scotland.”
Jeane Freeman, Minister for Social Security, said: “I am delighted we’re supporting the Community Shares Scotland programme. Scotland has more than 5,000 social enterprises -businesses that reinvest profits into a social mission for the benefit of local communities. Community shares are an innovative, democratic way for them to raise the money they need to expand and increase their social impact.
“For more than a decade the Scottish Government has worked collaboratively to establish a world-class system of support for social enterprise and we are recognised as a world-leader in that. Just this year we published Scotland’s first-ever Social Enterprise Strategy – however, I am determined we do more. This funding will help more social enterprises have the chance to achieve their full potential. I am excited to see the great results that can secure and the communities it will benefit.”
Big Lottery Fund, Director for Scotland, Martin Cawley, said: “I am delighted that DTA Scotland has been successful in securing a National Lottery award. The funding will make a big differ