Scheme will create or maintain up to 2,400 jobs over next three years
Clann Credo, Ireland’s largest Social Finance provider, has launched a new €50m loan scheme specifically aimed at community based organisations seeking to develop jobs, services and other facilities in their areas. This special offer comes as Clann Credo’s celebrates 20 years delivering Social Finance in Ireland. So far they have loaned €82 million to almost 800 projects, creating and sustaining thousands of jobs.
The Community Impact Loan, was launched in Dublin today (Wed. Sept 14th) by Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor, TD.
The Community Impact Loan’s main features include:
- Loans of up to €500,000 and as little as €30,000 will be provided
- No personal guarantees required from people developing local community projects
- Working capital loans up to 10 years, Term loans up to 15 years and two year bridging loans
- A ‘no-application form’ process - Clann Credo specialist staff provide guidance and support
- Early repayments options without penalty, even for fixed term loans.
- FREE Financial Health Check for Community organisations
- FREE Specialist Workshops for community volunteers and staff
- €150 voucher for The Wheel’s Training Programme and Expert Services
Announcing the scheme, Minister Mary Mitchell-O’Connor said: "The Programme for Government commits the Government to creating 200,000 new jobs across this country. As Minister for Jobs, Enterprise and Innovation, I know that it is Irish SMEs and micro enterprises that will deliver most of these jobs, as our economy continues to improve. However, I am also very mindful that innovation and enterprise at local level has a very significant complementary role to play, delivering jobs where they are most needed in communities that are still recovering from the difficulties of the past decade. That is why I am delighted to attend today's Clann Credo event, as it stands on the threshold of a third decade carrying out its tremendous work, and to acknowledge the efforts that it, and the other social and community bodies present here today, have done and continue to do in this respect."
CEO of Clann Credo, Paul O’Sullivan, said that the scheme has been specifically designed for community and voluntary groups nationwide to make an impact on their communities.
“Clann Credo has designed this new loan scheme based on 20 years of experience working with hundreds of community based organisations throughout the country. We conservatively estimate that that this programme will help create up to 1,500 new jobs and maintain a further 900,” he said. “Our aim is to ensure that every organisation that could benefit from Community Impact Loan Finance knows about Clann Credo, whether it be to create or sustain local jobs, develop community services or initiate heritage, tourism or other socially beneficial projects.”
The launch took place at Fumbally Exchange, a not for profit movement of over 200 creative and innovative professionals who share co-working space and contribute over €12m to the Irish economy. Speaking at the launch, Fumbally’s Founder, George Boyle said: “In 2013, when Fumbally Exchange faced a plunge into the unkown, we were lucky enough to meet Clann Credo. They assisted us in fine-tuning our vision, perfecting our financial plans and offered us a bridging loan at manageable rates, while we built our dream HQ at 5 Dame Lane.”
Speedpak is a successful social enterprise which has, over the past 20 years, provided employment, training and work experience for about 900 people trying to enter or re-enter the workplace (e.g. ex-prisoners). Speedpak CEO, John Murphy also spoke at the launch: “Clann Credo’s flexible and responsive financing continues to support our commercial growth and increasing social impact on Dublin’s Northside”
Veronica Barrett is CEO of RHS Care Services, who employ over 500 in the west of Ireland and who are currently recruiting more staff. Speaking at the launch she said: “Clann Credo have given us the finance, help and confidence to grow and provide services and jobs in our area. I would encourage any community or volunteer organisation to seriously consider the community impact they could make with this loan offer.”
Further details are available on www.clanncredo.ie, and through regional staff offices. Clann Credo will be promoting the local through roadshows in towns around the country during the remainder of 2016.
ENDS
Note:
Clann Credo - Community Loan Finance provides affordable loan finance to community organisations that enrich the lives of many thousands of Irish people. It is Ireland’s leading provider of community finance loans to voluntary groups, charities, social enterprises and amateur sports clubs.
Since it was established in 1996, Clann Credo has pioneered the concept of community loan finance in Ireland. To date Clann Credo has invested over €82m in nearly 800 community and voluntary organisations throughout Ireland.
Clann Credo - Community Loan Finance, lends to any community organisation that generates a social return and can demonstrate capacity to repay a loan.
An independent evaluation of Clann Credo’s contribution to the delivery of the Rural Development Programme (LEADER) 2007-2013 found that 319 projects which received €34 million in Community loan finance from Clann Credo, created 1,000 jobs, sustained a further 600 jobs and resulted in approximately 1,400 shot-term temporary jobs.
