Minister for Social Enterprise Ann Phelan has formally launched Community Finance (Ireland) the new brand for one of the largest providers of finance to the community and voluntary sector on the island of Ireland for the last 20 years.
Previously known as Ulster Community Investment Trust (Ireland), Community Finance (Ireland) is part of the UCIT Group which has to date, invested more than €70 million in over 400 community and volunteer organisations across a range of sectors and projects.
Donal Traynor, associate director of Community Finance said, “With over €100 million available in funding, Community Finance is targeting organisations and social enterprises, which are delivering an immediate social impact to the community but cannot access finance from traditional lenders like banks or building societies. Community Finance wants to ensure that the services provided by these organisations are not restricted due a lack of finance.”
Minister Ann Phelan, said, “In my role, I know first-hand how the community and social enterprise can play a pivotal part in the rejuvenation of rural Ireland. Social and community enterprises provide jobs to those most distant from the labour market, both spatially and socially. The very nature of social enterprise
is to provide services locally and to create jobs in the local communities, which is fundamental tenet of CEDRA, job creation and enterprise development in rural Ireland.”