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 Funding has today, (Tuesday, June 2), launched a new ‘How-to Guide’ to encourage more community organisations across Ireland to apply for Social Finance.
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.
Among the recipients of the Social Finance Funding was Tourmakeady GAA club.
The club was founded in 1965 and today provides facilities for teams from Under 8 up to Adult level as well as a thriving Ladies Gaelic Football Club. The club has embarked on an ambitious project which involves the development of a second pitch, a full-size sports hall with two new dressing rooms, and the refurbishment of our existing clubhouse, helped with social finance provided by CFI.
Tourmakeady GAA Treasurer David Lally said: “We used to have a small clubhouse with two rooms. Now we have an indoor sports hall, people playing basketball, people using the gym. We probably have the best facilities in the county right now. It’s busier here than any of the pubs in the area.”
Speaking on the funding, 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.”
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.
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.”
Commenting on its launch, Head of Business Banking Seán Farrell at PTSB 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.”
Concluding, Garrett O’Donohoe further stated that SFF is pleased to work with its partners to present a guide to assist social impact projects.
“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.”