New venture philanthropy scheme to offer long-term support in Scotland
A new venture philanthropy initiative has been launched in Scotland. Inspiring Scotland will distribute between £70m and £100m over the next decade.
Combining the resources from public, private, and voluntary sectors, the Lloyds TSB Foundation for Scotland scheme will offer long-term funding packages to Scottish charities.
Targeted at improving the lives of young people, the scheme will bring together money invested by philanthropists, grant-making trusts and foundations, business investors and government funds.
The Scottish Government is investing more than £9m over the next three years, and this will be used alongside support from the other investors.
Lloyds TSB Foundation for Scotland say, “Inspiring Scotland is a new way of delivering strategic, targeted, long-term funding to the Scottish voluntary sector, and the Scottish Government investment of £9.44 million over the next three years is a strategically significant element of the investment, with individuals, trusts and foundations and businesses also involved.”
"We are working with a range of investors, all driven by a desire for social change," said Andrew Muirhead, chief executive of the Lloyds TSB Foundation for Scotland. "We are very excited by what we believe we can achieve."
Inspiring Scotland will be managed by the Lloyds TSB Foundation for Scotland but plans to become a separate legal entity with a board that will represent all the investor groups.
For more information, visit the Inspiring Scotland website.