Social enterprise Scotcash, which opened in Glasgow in 2007, offers a range of services to individuals in financial difficulty, including affordable loans, money advice and white goods packages.

Sharon MacPherson, chief executive of Scotcash, said: “We are delighted to be awarded funding from Virgin Money Foundation.

“This will go a long way towards helping financially excluded citizens in Edinburgh access the financial products and services they need. We know that many people with low incomes pay much more than better off families because they can’t access banking, affordable credit or savings.

“This award from Virgin Money Foundation will allow Scotcash to expand our already successful services to Edinburgh and promote financial inclusion across local areas where these services are needed most.”

Nancy Doyle, executive director of Virgin Money Foundation, said: “Tackling the root causes of disadvantage is key in the goal of regenerating communities across the UK. Financial exclusion is one such issue that holds people back, keeping them in a cycle of poverty.

“Scotcash have proved over the last decade that they can help people gain control of their finances. We are excited to see the sphere of their impact ripple out into Edinburgh and are proud to be supporting their new initiative.”