Clann Credo, Ireland’s largest Community Loan Finance provider, today (Wed. Feb. 7th) launched a new €10m Community Sports Loan fund to assist sports clubs that may be unable to access finance on reasonable terms.
The new fund was officially launched in the National Sports Campus, Blanchardstown, by Brendan Griffin, TD, Minister of State at the Department of Transport, Tourism and Sport and attended by Kerry GAA and basketball star, Kieran Donaghy.
It is expected that loans will average in the region of €60,000.
Most notably, loans will be provided without the requirement for a personal guarantee from club members, a factor that often limits the potential of sporting bodies to obtain funding for essential projects. Attractive interest rates will apply to all loans.
Clann Credo CEO, Paul O’Sullivan, said that “the fund is specifically geared to support clubs and sports bodies wishing to roll-out initiatives linked to the government’s recently announced Sports Capital Programme and has been developed based on our experience of needs among sports bodies to date.
“Over 1,700 clubs and sporting groups will benefit from the €56m Sports Capital Programme. However, many projects with an approved grant still face obstacles in accessing bridging loans to enable them to draw down their allocation. Grants are only released when the associated works or equipment have been paid for,” he said.
Community Sports Loans will be available to any viable amateur sports initiative, in addition to those in receipt of grants under the government’s Sports Capital Programme.
“In the past volunteers have often been required to give personal guarantees or even asked to borrow in their own names. This is an unfair obligation to place on any committee member, who is already devoting huge amounts of time and energy to the club. This requirement has placed an unnecessary strain on the relationship between volunteers and their clubs and has in many cases prevented very necessary developments.
“Clann Credo evaluates applications based on community impact as well as ability to repay. We never seek personal guarantees for loans.
“Having over 20 years’ experience lending to community groups, we have learned that community commitment is an equally good collateral. Local groups whether with sporting or other links, ensure that the project goes ahead and loans are repaid in good faith,” Paul O’Sullivan said.
Community Sports Loans are part of a specialised service developed by Clann Credo, itself a registered charity, as part its overall work with Voluntary, Charity and Community Groups countrywide.
In recent years Clann Credo has invested in more than 100 amateur sports clubs and community managed sports facilities around the country, including GAA; Judo; Soccer; Rowing; Archery; Baseball; and Gymnastics.
Over the past 20 years, Clann Credo has loaned over €97 million to more than 900 projects nationwide, empowering, revitalising and transforming communities by providing valuable jobs, facilities and services.
More info on Community Sports Loans and on Clann Credo at: www.clanncredo.ie
Brendan Griffin, Minister of State at the Department of Transport, Tourism and Sport with Kerry All Star, Ciaran Donaghy, at the launch of Clann Credo's €10m Sports Loan Fund, Feb. 2018
ENDS
For further information on this media release please contact:
John Gallagher
John Gallagher Consulting
Tel. 087 9369888
