Launch of new How-to Guide to encourage more community organisations in Louth to apply for social finance
Social Finance Foundation has launched a new How-to Guide to encourage more community organisations in Louth to apply for Social Finance, and has revealed how one Louth community organisation, Carlingford Community Development, was able to avail of the initiative.
The online Guide, supported by PTSB and Community Finance Ireland (CFI), sets out a community-focused application process with a quick turnaround, minimal red tape and no guarantees required.
Social Finance Foundation (SFF) CEO Garrett O’Donohoe said: “All community and voluntary groups, social enterprises and grassroots sports projects are eligible to apply for social finance. The Guide sets out clearly the steps involved. An application can be approved within just three weeks.
“Through this initiative community groups and voluntary organisations, can access loans of between €10,000 to €1,000,000+ without personal guarantees.”
Local Case Study – Carlingford Community Development
Established in 2002, the Carlingford Community Development (CCDL) manages the Foy Community Centre, a multi-purpose community space, at Dundalk Street, Carlingford.
Through consultations with young people in the local community, CCDL took action to address a rise in anti-social behaviour in the local community, by converting an existing vacant café within the Foy Centre into a dedicated Youth Hub.
CCDL’s Erin Finegan said: “On foot of Louth Leader Grant Aid we approached Community Finance Ireland and they could not have been more straight-forward and the team were so easy to work with.
“Once the paperwork was submitted, we could access the funds within 2-3 weeks which meant we could get started with work on the café straight away.”
SFF commenced its work in 2009 at the initiative of the Department of Finance, with donated and low-cost funding from Ireland’s Pillar Banks (PTSB, AIB and Bank of Ireland).
Since then, SFF has also been supported by the Council of Europe Development Bank and InvestEU, with additional support from the European Investment Fund.
In that time over €250 million in loans have been given to more than 2,200 community and voluntary groups, social enterprises, community sports clubs, family resource centres and more – providing tailored means to finance their development.
Mr O’Donohoe continued: “Often groups get commitment of government or local authority funding which they may not receive until completion of a project. Social financing provides bridging finance during the development period.”
The new Guide is supported by PTSB. Commenting on its launch, Head of Business Banking Seán Farrell said: “PTSB is proud to support the new Social Finance Foundation ‘How-to-Guide’, as it aligns with the Bank’s commitment to Sustainability and delivering a positive social impact in communities across Ireland.
“Through our partnership with SFF, we have provided €20.7 million in low-cost funding since 2009. The SFF How-to Guide will help community groups, voluntary organisations and social enterprises to access and apply for social finance and further their impact in communities across the country.”
In the financing model used, SFF provides the funding to dedicated social lending organisations including Community Finance Ireland (CFI) which then works directly with recipient groups.
In the Guide Community Finance Ireland describes how quick and accessible the process is. CEO Donal Traynor said: “CFI is proud to work alongside community organisations, clubs and groups across the island of Ireland, supporting their ambitions and the positive impact they bring to their communities.
“I’d like to thank PTSB and Social Finance Foundation for their support in bringing this How-to Guide to life. It’s a practical resource to help organisations take the next step in accessing social finance.
“We encourage any community group with a dream for their locality to get in touch and find out if a loan is right for them.”
In conclusion Garrett O’Donohoe said: “Social Finance Foundation (SFF) is pleased to work with its partners to present this comprehensive guide designed to assist social impact projects such as sports clubs, family resource centres, social enterprises, biodiversity, climate action, minority faiths, arts, heritage and tourism, social clubs in accessing and applying for social finance.
“Social finance is a powerful tool for fostering community development and social impact. We hope that this Guide will serve as a valuable resource for accessing social finance. Together, we can continue to build a stronger, more inclusive society.”
The Guide is available at: https://sff.ie. Information on applying for a social finance loan at: www.communityfinanceireland.com