Community Finance Ireland has today (24 June 2021) 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 (NI) and €10,000 to €500,000 (RoI) to community sector organisations including faith-based groups, sports clubs 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.”
Mr Traynor 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.”
Here’s What You Need to Know
1. What loan product types are available?
- Short term bridging loans to facilitate retrospective drawing of grant support (interest only, plus grant upon redemption).
- Longer term loans with bespoke repayment schedules.
2. What geography does the fund cover?
- Northern Ireland, Ulster, Munster, Leinster and Connacht.
3. What is the loan range?
- £10k – £250k (NI).
- €10k – €500k (RoI).
4. What is the term range?
- 1 month – 180 months.
5. What is the interest rate?
- Maximum 6.25%*, calculated on a reducing balance.
- *The lowest maximum rate across the island.
6. Is there an arrangement fee?
- *The only bridging product available across the entire island to do so.
7. What security is required?
- None on bridging loans.
- Most of our term loans are also unsecured.
- No Personal Guarantees are required.
8. Is there an Early Repayment penalty?
9. How long does a loan decision take?
- 48 hours for any loan request of up to £/€200k once we have all of your final information.
- Up to 4-6 weeks for loan request in excess of £/€200k.
10. How do I apply?