Clann Credo is launching a national promotion of ‘no personal guarantee’ loans for community organisations developing local jobs and services Paul O’Sullivan, CEO of Clann Credo said at the organisation’s Annual Conference in Dublin today, Thursday, September 15th, 2016
The Conference, addressed by President of Ireland, Michael D Higgins, marks the 20th anniversary of Clann Credo’s foundation.
Mr O’Sullivan said that, following a long and sometimes challenging period of establishing the social finance concept in Ireland, conditions were now right for rapid take-up of loan provision and community based uptake.
“We will now be promoting loans to community based projects for viable projects, with no personal collateral requirements whatever, and where social gain is the primary objective,” he said.
Throughout his Presidency, Michael D. Higgins has emphasised the need for inclusion and citizen empowerment, and in his speech the President focused on how social finance can help support creative and intellectual talents, as well as material assets, to find new responses to the challenges Ireland faces.
Mr O’Sullivan said that social finance is an increasingly understood and accepted element of the financial system in Ireland.
“Clann Credo has to date provided almost 800 community loans valued at over €80 million and now offers a range of services including:
A new €50m Community Impact Loan (CIL) initiative, launched by Minister for Jobs, Enterprise and Innovation, Mary Mitchell-O’Connor, providing up to €0.5m facilities for community based projects
Supporting the forthcoming LEADER Programme, particularly through Bridging Loan arrangements
The development of regional Clann Credo offices with experienced staff responding to specific local needs and requirements
A clearer understanding among community leaders of the benefits of Community Loan Finance,
The continued support of the mainly religious investors who value finance provision based on achieving social benefit and the consolidation of the Social Finance Foundation as a respected and valuable social finance wholesaler.”
Mr O’Sullivan said that the planned loan expansion will help to deliver many new jobs and services to underserved areas.
“Based on independent research, we estimate that the new Community Impact Loan could help communities create up to 1,500 new jobs and the maintain a further 900 positions,” he said.
“We now have both the experience and range of financial products to effectively support community based projects in both urban and rural environments.
“We have, for example, worked with both RHS Care Services, which employs over 500 people in the west of Ireland and Speedpak, a north Dublin based social enterprise which over the past 20 years has provided employment, training and work experience for about 900 people wishing to access the workplace,” Paul O’Sullivan said.
ENDS