Supporting local communities
At Community Finance Ireland, we deliver social finance solutions that support local communities and drive social impact in a diverse range of sectors including grassroot sports, community projects, faith-based groups and social enterprises, writes Donal Traynor, Chief Executive of Community Finance Ireland.
We are the most progressive social finance provider on the island and deliver a social return on investment that creates a multiplier effect of 4.85 times the initial investment and supporting a diverse portfolio of clients across the island of Ireland from Belleek to Belfast, and from Dublin to Donegal.
In Northern Ireland we are proud to have worked collaboratively with several governmental departments and strategic partners to get social finance into the hands of the communities that need it the most.
Northern Ireland Small Business Loan Fund III Award
A landmark collaboration for CFI comes in the form of the Northern Ireland Small Business Loan Fund (NISBLF). Working with Invest NI and Enterprise NI, CFI have successfully completed the first two iterations of the NISBLF and the legacy of this fund is set to have continued impact, as CFI have been awarded NISBLF III earlier this year.
The Northern Ireland Small Business Loan Fund provides loans from £10,000 to £125,000 for small and medium sized businesses and entrepreneurs to cover the cost of starting up and growing their business.
The range of businesses supported by the fund varies across the sector, from manufacturing organisations like Stepping Stones Timber, to Tourism offerings like Willowtree Glamping, NI Sportswear brand Hybrid Activity and even Arts organisations like Lisburn-based dance studio Active Dansa.
This lifeline for small businesses is essential for the economic growth in Northern Ireland and one that we are delighted to continue to support. As Active Dansa’s Mariona Hawkins highlights: “The funding and advice we received through NISBLF for our new studio has been transformational for us. The extra space has allowed us to add new classes to accommodate the increasing demand and being able to offer classes in a wide variety of dance styles as well as growing our Performing Arts department with singing and acting lessons.”
£13m Financial Transactions Capital Investment
Another of our recent collaborations has seen us working with the Department for Communities to disperse loan finance through the Financial Transaction Capital (FTC) Fund. FTC investment into the Community, Voluntary and Social Enterprise sector is to the value of £13 million, and since its launch just six months ago, £6.2 million has already been drawn down by sports clubs and social enterprises across the region, making a tangible impact by unlocking capital for community-driven projects.
The FTC Fund supports projects that align with the Programme for Government objectives, offering loans from £25,000 upwards, with repayment terms of up to 15 years and no penalties for early repayment.
Among the first beneficiaries of the FTC Fund are the likes of Dungannon Enterprise Centre who used FTC finance to purchase and transform a prominent multi-storey derelict shop unit in the town centre into Connect Dungannon, a business hub and flexible office spaces for small and medium size social enterprises.
Dungannon Enterprise Centre’s CEO Brian MacAuley confirms that: “We knew we had to move quickly when the opportunity arose. Community Finance Ireland gave us the flexibility to act. Our new space is full, but this is only the beginning. We want to lead on regenerating more vacant properties in town.”
Also recently in receipt of FTC finance is rural grassroots soccer club Fivemiletown United who have installed a new 4G pitch and floodlights at their Mid Ulster base. These state of the art facilities have helped improve the club’s service offering and significantly boosted membership, especially in their youth teams. The new facility sees up to 90 children attend their weekly mini soccer training, with parents travelling from far and wide to use what they deem to be the best youth soccer facility in the area.
Club Youth Manager Chris McDowell says: “We reached out to Community Finance Ireland and they were quick to come down to meet me at the club and from the very first moment we met them, they made everything seem so easy, so friendly. Laid everything out in black and white for us. They had a great understanding of what we were trying to develop at the club and how we were trying to develop it.”
The response to this fund in these early stages has been overwhelming, and the volume of applications we have received is a testament to the strength of community projects in Northern Ireland. The clear need for alternative funding solutions reinforces our commitment to ensuring financial barriers, such as personal guarantees required by traditional lenders, do not hinder projects with the potential for real social impact. We are proud to provide a pipeline of funding that supports sustainable community and sports projects.
For more information on Community Finance Ireland and how we can help fund projects in your local area:
T: 028 9031 5003
W: www.communityfinanceireland.com
