Twelve community projects in Donegal were supported by Community Finance Ireland over the past three years.
And the foundation is now inviting applications for across the county for 2020 after allocating €946,078 of social finance between 2016 and 2019 to local Doneghal projects.
Community Finance Ireland helps community projects to access finance and drive social impact.
It is the fastest-growing dedicated social finance provider across the island of Ireland and the UK. The organisation works across the island of Ireland, supporting projects ranging from community farms and sports clubs to environmental projects and cultural events.
Fort Dunree Military Museum received the first loan issued by Community Finance Ireland in 2007 and County Donegal community projects have received more funding, per county, than anywhere else in Ireland.
In Donegal, the organisations supported by Community Finance Ireland over the past three years include:
Bundoran Community Development CLG; Fort Dunree Military Museum Ltd.; and
Ulster Canada Initiative
Community Finance Ireland is now inviting applications from non-profit and voluntary organisations in Donegal – and throughout Ireland – that are seeking finance to sustain or grow projects with social impact.
Dónal Traynor, Associate Director of Community Finance Ireland, said: “Since the 2008 recession, finance has been harder to come by, particularly for non-profit organisations. The funding landscape has changed dramatically, with progressive organisations – such as Community Finance Ireland – developing new and innovative approaches to meeting communities’ finance needs.
“The organisations we work with are, typically, run by volunteers. Unlike banks, we don’t ask for personal guarantees, and our finance products are specifically tailored for the community sector. We are a registered charity, so our motivation is not profit. Any profit we generate is reinvested into onward lending.
“Our mission is to ensure social impact is felt, not simply dreamt, and we are well on our way to supporting this ambition. Loans of €2,370,000 have already been approved in 2020, supporting community organisations to acquire new premises and equipment, restructure current debt, and bridge financial gaps caused by delayed grants or other postponed income.
“We are very much ‘open for business’, and we encourage community projects with big ideas to approach us to discuss their finance needs. We can provide loans ranging from €30,000 to €500,000, and we are always happy to meet organisations and discuss the different funding options available to them.”
In recent months, Community Finance Ireland was recognised by the All-Ireland Business Foundation, the national body responsible for identifying and accrediting best-in-class Irish businesses.
Community Finance Ireland received a ‘Business All-Star’ award, signifying it meets the highest standards of customer service and trust.
“Our team was thrilled to receive this award,” said Dónal Traynor. “We know we deliver significant value for local communities. Our ‘Business All-Star’ award provides further proof of that. Importantly, it also provides reassurance to existing and potential customers that they will receive an excellent service from us.
“We are committed to meeting and exceeding the standards set by the All-Ireland Business Foundation and we’re looking forward to helping even more organisations grow in 2020 through job creation, community engagement and economic development.”
For further on Community Finance Ireland, visit www.communityfinance.ie
