Clann Credo welcomes €5 million in funding for social impact organisations

Clann Credo – the Social Investment fund today welcomed the announcement of €5 million in funding to support disadvantaged groups and local communities.  The €1million allocation to Social Enterprise is particularly welcome as this sector’s potential has been overlooked by public policy to date. 

Clann Credo, which is Ireland’s largest social finance provider to the Community & Voluntary sector, sees this funding as an opportunity for those organisations who work tirelessly on the ground to have an even greater impact both locally and help to rebuild Ireland from the ground up. 

At the end of 2014, over 290 social organisations were in receipt of social finance from Clann Credo.  Any organisation that has both a social return and repayment capacity can access loan finance through Clann Credo. 

Paul O’Sullivan, CEO Clann Credo, said: “The potential of the Social Enterprise sector to contribute to Ireland’s social and economic recovery has not been tapped by policy makers until today.  We are confident that this pilot programme will show that jobs and social benefit can be generated by Ireland’s social enterprises.”