This pilot programme will see the council package up investment and support local organisations that are looking for investment to realise their projects. It will also test the opportunity for local business and local people to invest in Community Bonds for a financial return, whilst making things happen locally.
Starting in 2024, the programme includes a range of measures to stimulate local investment whilst also encouraging organisations to use bonds to raise investment. Included in the range of measures are, an investor money back guarantee, buying one bond for every one bought by a local person and buying any outstanding bonds to ensure a viable project proceeds.
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Commenting on the programme, Councillor Robert Brown, Chair of Community and Enterprise Committee at South Lanarkshire Council said: "South Lanarkshire Council is the first Local Authority in Scotland to invest in and test the Community Bond model, as a new form of investment into the local economy.
"Under the Council's community wealth building approach, this pilot aims to create opportunity for the social economy, whilst retaining and circulating money within our communities."
Pauline Hinchion, Managing Director, Scottish Communities Finance Ltd said: "We are delighted to be working the South Lanarkshire Council on a new Community Bond pilot.
"Social and community enterprises have great ambitions for their communities, but often lack the money to realise them, so providing these organisations with direct financial and business support whilst also encouraging citizen investors is a win-win for all the communities of South Lanarkshire."
