Lochgelly based Social Enterprise Recycle Fife has received a £580,000 investment from the Scottish Investment Fund (SIF) of which £290,000 is loan capital, which will enable Recycle Fife to expand its operations and create new jobs.
SIF is managed by Social Investment Scotland on behalf of the Scottish Government. This significant investment will enable Recycle Fife to expand its Recycling Depot, invest in new machinery, and create new jobs.
Since inception, Recycle Fife have created over 120 jobs. Recycle Fife offers recycling collection services including skip hire from its Lochgelly base to homes and businesses all over the kingdom of Fife, in addition to the recycling activities it also is one of the largest providers of volunteer training placements across Fife and has built up a great track record of raising awareness of the environmental benefits and importance of recycling. This facility will continue to operate to generate income to reinvest in supporting the expansion of its local services and create new jobs and training posts and also repay the loan capital provided by SIF.
Jackie Dunsmuir, Chief Executive of Recycle Fife said:
“Without the investment, Recycle Fife would, without doubt, have struggled to grow. Recycle Fife is now in a much stronger position and the investment package, which was designed and tailored to our specific needs will transform our ability to deliver significant social, economical and environmental returns. The support of the team at Social Investment Scotland has been invaluable, a “one stop shop” for finance and sound business advice. I look forward to working with the team at SIS during this phase of our growth”
Alastair Davis, Chief Executive of Social Investment Scotland said:
“ We are pleased to be able to support the expansion of Recycle Fife’s activities, via the Scottish Investment Fund. We look forward to working with Recycle Fife to enable them to continue to grow and provide environmental and social benefits to local businesses and the people of Fife. “