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History

Clann Credo emerged in Ireland in the 1990’s after a period of consistent emigration and economic stagnation. Poverty was rife in many rural communities. Our cities had substantial economic ‘blackspots. Unemployment rates of up to 80% were commonplace in the most deprived neighbourhoods and communities.

It was in one such ‘blackspot that the seed of what was to become Clann Credo first emerged in 1994.

The decision at that time, by Sr Magdalen Fogarty and the Presentation Sisters, to advance £12,000 (just over €15,000) to the Greencaps Worker’s Co-operative for new services to passengers in Dublin airport was indeed visionary. Its success led directly to the establishment in 1996 of Clann Credo – The Social Investment Fund.

Today, more than 200 projects and €20 million later, Clann Credo provides loan support to organisations and communities countrywide.

Confirmation by the then Minister for Finance, Brian Cowen in July 2006, of the Governments decision to establish the not-for-profit Social Finance Foundation (link) to act as a wholesale supplier of social finance, is the culmination of many years of effort by Clann Credo to have social finance officially recognised and supported in this country.

Clann Credo commits to stick with the principle which led to the first loan of £12,000 to Greencaps, of maintaining as our prime focus and purpose the care of people and communities and always seeking to create a social dividend as a result of our involvement.