With an inaugural fund of £175,000, the foundation aims to support various community-oriented causes across Scotland.

During the first round of funding, the foundation received 44 applications from charities and community groups spanning 11 Scottish local authority areas. Successful candidates could secure individual grants of up to £5,000.

Applicable to a range of community groups and incentives, the Scottish Building Society Foundation particularly welcomed applications that support:

• Community facilities and services, transport, open spaces, affordable housing, community development, reduction of poverty, and care for the elderly
• Local community events
• Youth and education, providing training opportunities and support for vulnerable youngsters

Foundation Scotland is now assessing the applications and will help to allocate funding to successful groups with input from Scottish Building Society Foundation advisers, with a final decision to be made by 31 August.

Paul Denton, CEO at Scottish Building Society, said: “As part of our 175th anniversary celebrations, we wanted to mark the occasion with an initiative that upholds our core value of giving back to the communities.

“We’re encouraged at the volume of interest from a variety of inspiring community groups and charities across Scotland and look forward to seeing how they use the funding to make positive impact.

“The Scottish Building Society Foundation whilst in its infancy, we hope will make a big difference to many people across the country and we look forward to working with Foundation Scotland to make a difference. By investing in good causes, we are building stronger communities.”