Firstport

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Moves to formally register Social Investment North East (S.I.N.E.) as a company confirms that the Social Economy is gaining strength in Aberdeen and Aberdeenshire. Once operational S.I.N.E. will focus on lending (£1000 - £50,000) to social enterprises that would otherwise have difficulty securing funding. We are confident that this path-finding work will in due course encourage greater activity from mainstream lenders. The Shadow Board for S.I.N.E has grown out of a partnership of Councils, Social Economy organisations, Communities Scotland, Social Investment Scotland (S.I.S), banks and business support agencies. After initial meetings to confirm support, S.I.S. arranged four days of intensive training by i.b.p consultants. This was invaluable for working through the group’s ideas and securing commitment. As a result of the broad Business Plan drafted at the training, S.I.S. have agreed to lend S.I.N.E. an initial £200k. Final terms are still to be agreed, but the package will also include initial assistance with loan assessment. The next steps are to register S.I.NE., promote it’s work and secure initial revenue funding. Consequently for the coming year S.I.N.E will need to work in close partnership with Social Investment Scotland. But the Shadow Board is equally focussed on developing the organisation towards sustainability and independence. What’s that rising in the North East? It’s a S.I.N.E!

1. 9 Bay Road
2. Wormit
3. Fife
4. DD6 8LU

• Tel: 01382 543041

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