Over 260 community based jobs have been created and a further 630 maintained as a result of the support provided by Clann Credo - the Social Investment Fund, a new report states.
The report, The Economic and Social Contribution of Clann Credo – the Social Investment Fund, by Dublin based DKM Economic Consultants, was launched by An Taoiseach, Enda Kenny TD in Newport, Co. Mayo on 10 December 2011.
The report states that in 2011 Clann Credo assisted social enterprise and community businesses employed 820 full time and 670 part time workers.
- In addition, 3,100 volunteers donated their services to Clann Credo client companies, providing an estimated
261,000 hours voluntary labour, with a wages equivalent to €2.3 million a year.
- Over the past 15 years, Clann Credo – the Social Investment Fund has provided close to €33 million in loan finance to projects throughout the country.
- Community facilities and infrastructure, community care andeducation, employment and community enterprise were the most significant social dividend categories associated investment projects supported.
DKM also analysed the contribution of the social enterprise and community business sector (SECB) in Ireland utilising a new, comprehensive data base compiled specifically for this study.
The study found that the Irish SECB sector is a major employer and in 2009 provided 24,800 full time and 450 part time jobs. This labour intensive sector accounted for 1.2% of Irish GDP in 2009, when the total multiplier effect was taken into account.
Launching the report an Taoiseach said: "This report is very timely...job creation will be our top priority in the coming years."
An Taoiseach praised Clann Credo for developing innovative solutions and expressed his support for the development of Social Impact Investment (SII). Clann Credo is currently leading a project exploring the feasibility of SII in Ireland.
An SII is a contract with the public sector in which a commitment is made to pay for improved social outcomes that result in public sector savings. SIIs are generating significant interest - both as a public policy instrument and as an emerging source of support and learning for the community and voluntary sector. They have engaged support across governments, the community and voluntary sector and socially-motivated investors worldwide. SIIs are also included in the Programme for Government (2011 - 2016).
"I believe that Social Impact Investment has great potential and we acknowledge Clann Credo's work in this regard," said an Taoiseach.
Commenting on the report's findings, Ernestine Woelger, of DKM Economic Consultants, said that “the assessment of the total economic impact of Clann Credo assisted enterprises in 2010 suggests an economic multiplier of 1.32. For every €1 injected into the Irish economy by a Clann Credo client, the Irish economy benefits to the tune of an additional 32 cent.”
“In addition Clann Credo has invested significantly in the social capital of Irish communities at a time when economic realities are putting increasing strains on the social fabric of Irish life,” she said.
Paul O’Sullivan, CEO of Clann Credo - the Social Investment Fund, welcomed the findings, saying it illustrated the benefit in supporting social enterprises, who can simultaneously provide jobs and community benefits and services.