Community Finance Ireland launches £10million All-Island Recovery Loan Fund

Community Finance Ireland, the only dedicated social finance provider in Northern Ireland, has today (24.06.21) announced a £10 million All-Island Recovery Loan fund, its first all-island loan scheme. The fund will offer flexible loans of £10,000-£250,000 to community sector organisations including faith-based groups, sports clubs, social housing projects and social enterprises.

Commenting on the launch, Dónal Traynor, Chief Executive of Community Finance Ireland said:

“Throughout the pandemic we witnessed the incredible resilience of the community sector, with many pivoting their offerings and exploring new opportunities for development.  The All-Island Recovery Loan fund is open to organisations who want to build on these new opportunities to recover, rebuild or reimagine what they can bring to their local community.

“Despite the challenges of Covid-19 and public health restrictions, our client portfolios performed well over the past year and at Community Finance Ireland, we have nothing but confidence in the sector and its ability to play a pivotal role in bringing our local communities back together and to create something new in response to the changes our communities have undergone during the past year.”

Phelim Sharvin, Associate Director NI at Community Finance Ireland continued:

“The flexible nature of the fund with the added value of a one-to-one relationship with a dedicated client manager who knows the sector and the local area, makes it a great option for communities exploring how they can become more attractive locations for people to live and work.

“The All-Island Recovery Loan Fund supports longer term loans plus shorter-term bridging loans.  There are no time restrictions around funding and we will respond to applications within 48 hours of receipt.”

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Photo Caption:  Pictured on Fatham Hill near the Irish border, Community Finance Ireland Associate Directors for Northern Ireland and the Republic of Ireland, Phelim Sharvin and Emmett O’Hara, meet to toast the launch of the its first all-island loan scheme. The fund will offer flexible loans of £10,000-£250,000, and a fast response to applications in just 48 hours, to community sector organisations including faith-based groups, sports clubs and social enterprises.

Meeting for the first time in person since public health restrictions lifted, colleagues Phelim Sharvin from Strangford, County Down, and Emmett O’Hara from Bettystown, County Meath, are inviting community organisations from across Ireland to get in touch with them, and their colleagues working locally across Ireland, to talk about social finance solutions for their projects.