Funding is being offered on a first-come, first-serve basis to established social enterprises which are looking to expand or replicate their business through, for example, buying or building new properties and equipment.

Loans from the new fund are structured to allow social entrepreneurs to generate income and use cash flow to build revenues, paying just interest-only in the first three years at a rate of six per cent per annum.

As much as £25,000 to £100,000 is on offer to social enterprises who apply online before the 14 October deadline.

Alastair Davis, chief executive of Social Investment Scotland, said: “SIS Community Capital will fast track the growth ambitions of up to ten social enterprises.

“The funding is ideally suited to established social enterprises which are looking to expand or replicate their business through, for example, buying or building new properties and equipment.”

Mr Davis urged “any interested social entrepreneurs to come and speak with us as soon as possible”.

NCM Fund Services Limited, based in Edinburgh, are responsible for ensuring compliance of all FCA-regulated activities of the fund.