Eligibility criteria for the Building Scotland Fund
The Fund is open to non-public sector organisations (including but not limited to):
- housing associations
The minimum Building Scotland Fund investment in a single project is likely to be £1 million or above although we retain discretion to consider applications under this amount.
BSF aims to make loans and acquire equity with a focus on investment that is not currently being provided by the market. It aims to complement rather than crowd-out existing or potential investment, and can co-invest with other debt and equity providers to help unlock projects. Applicants to BSF must demonstrate that they have already made efforts in good faith to source the requested funding from private lenders or investors. They must explain why all or part of this funding is unavailable from the private sector sources, or available but on unsuitable terms, despite having a detailed and viable business plan for this project. Applicants must demonstrate that they have approached other private lenders or investors prior to their request for funding from BSF.
Applicants must supply evidence of these efforts early on in the application assessment process. Examples include, but are not limited to:
- formal letters from private lenders or investors stating that a request for funding has been declined for the project (and the reasons for this)
- emails or other correspondence from private lenders or investor stating that a request for funding has been declined for the project (and the reasons for this)
- offers or indicative terms supplied by private lenders or investors to fund the project, with the reasoning of the Applicant as to why these terms or offers are unsuitable to fund the project
The efforts to source the financing from other sources must be appropriate to the nature and complexity of the project as well as the amount of funding requested.
There will be a focus on projects and investments that support inclusive growth, reduce carbon and sustain and create places in line with the proposed vision of the Scottish National Investment Bank Implementation Plan.
Building Scotland Fund Team
Scottish National Investment Bank Directorate
1 North Waverley Gate
2-4 Waterloo Place
Telephone: Central Enquiry Unit 0300 244 4000