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Presentation Sisters

UNION OF SISTERS OF THE PRESENTATION OF THE BLESSED VIRGIN MARY

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Clann Credo announces a 25 Million Loan Scheme for Community Projects

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09/02/2017

Sr Magdalen Fogarty PBVM (centre) with Jennifer Hennessy,
Social Finance Executive and Paul O’Sullivan, CEO, Clann Credo

The Presentation Sisters provided €2million in seed funding to make finance available to those whose needs are unmet in our communities.

 

 

Over the years other religious congregations have joined Clann Credo as social investors. In the twenty years since its foundation, Clann Credo has provided more than €82m in Community Loan Finance to over 800 projects across Ireland.

On February 6th 2017, Clann Credo announced a new €25m Community LEADER Loan Fund, formally launched by Heather Humphreys, Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs in Ireland.  The Fund will assist community-based organisations by providing matching and bridging loan facilities, specifically geared to the needs of rural groups and initiatives.

Minister Heather Humphreys launchs the
€25 million fund

Speaking at the Launch, Minister Humphreys observed Clann Credo’s “strong track recording in providing loans… and supporting community groups which focus on social return.”

Uniquely, the loan application will require no personal guarantees from community organisations applying for loan facilities.

Clann Credo CEO, Paul O’Sullivan, said that “Clann Credo recognises that the commitment and contribution of community leaders and volunteers acts as its own collateral.

“We are therefore in a position to offer loans on that basis, without seeking the personal guarantee arrangements that are common in mainstream banking loans.”

To date, Clann Credo has supported over 300 rural communities that were often unable to obtain mainstream banking loans.

Read more about Clann Credo here

 

Carolanne Henry
Communications Desk

Categories: Social and Pastoral, Latest News