Tag: Bridging Finance

Social enterprise Community Finance Ireland (CFI) has been playing a vital role in helping our athletes compete at the highest level, according to the Irish athletics stalwart who has coached at four Olympic games.

With the country still celebrating the success of our athletes at the recent European Championships in Rome, ex-Irish Athletics team manager Patsy McGonagle said clubs across the country are benefitting from social finance loans from the charity lender to improve facilities.

McGonagle, who during his 25-year stint at the helm of the Irish Athletics team coached the likes of Sonia O’Sullivan and Rob Heffernan said:

“It’s all about the grassroots feeding into the elite games, and you won’t have Irish athletes succeeding at European Championship or at Olympic level if they don’t have proper training facilities in their local communities.”

Since 2001, CFI has committed more than €100 million to hundreds of community organisations on both sides of the border. Lending to sports clubs, community projects, faith-based groups, and social enterprises, CFI funds initiatives that make a difference in local communities.

And CFI’s recently published Social Value Report 2023 shows that 49 sports clubs were loaned a total of €6 million between January and December 2023.

In Stranorlar, Donegal, CFI funds were used by McGonagle’s club Finn Valley to build new changing facilities for members and officials.

“We’re providing a modern facility in an area where there’s very little opportunity,” McGonagle said. “The mental impact that’s had on the community, the physical and social impact – it’s all positive. When there was a shortfall and we needed money, Community Finance Ireland made it a win-win for us big time. They were very responsive and easy to work with. It was a great experience. The facility would not exist were we not to get that finance.”

Calculating the wider social value of CFI loans

In its Social Value Report 2023, published June 2024, CFI says that for every euro it loaned, the social return was €3.69, a figure which, the charity says, reflects the positive impact its loans have on the wider community.

Between January and December 2023, CFI loaned a total €13 million to 109 organisations across the island of Ireland.

The analysis was calculated by economic development specialists Rose Regeneration using its Social Value Engine (SVE). Rose Regeneration’s SVE is used by public bodies in England and Wales and follows several key steps when calculating a loan’s social value, such as examining agreed project outcomes to give them a financial value.

CFI chief executive Dónal Traynor said calculating the social return of their investments helped the charity understand the wider impact its loans were having. He said:

“There is a huge excitement for Irish athletes going into the Paris Olympics, especially after their recent successes in Rome. But their coaches will tell you, the hard work starts at home, in their local communities. Athletes require decent local facilities if they are to stand a chance of succeeding at major events. For more than two decades, CFI has been helping grass-roots clubs to foster the potential of budding youngsters. Finn Valley is a great example of this, but they’re not alone. We also provided a bridging loan to St. Laurence O’Toole Athletic Club in Carlow, to begin works on an Olympic-standard running track. More than 400 athletes of all ages and abilities in Askea are now training in world-class facilities. They’ve produced 40 track-and-field internationals in the last decade. Imagine how many more young athletes have the opportunity to follow in their footsteps now. We know that international success inspires young athletes – that’s social impact. Like those athletes, as a social enterprise, we strive to create a lasting social impact in every community on the island. It’s the driving force behind everything that we do.”

Click here to read the Social Value Report for 2023 in full.

📢 Attention All Local Communities! 📢

Almost €9 million in funding is now available under the 2024 CLÁR (Ceantair Laga Árd-Riachtanais) programme. This funding is specifically aimed at supporting community and sports facilities nationwide, particularly in areas that have faced significant population decline.

Here is the breakdown of what’s available:

• Measure 1: Grants ranging from €5,000 to €50,000 for community and sports facilities, youth clubs, playgrounds, sensory gardens, walking tracks, and more.
• Measure 2: Support for voluntary groups providing free transport for cancer care, Community First Response Support, Search and Rescue organizations, and this year, meals on wheels services. Maximum grants of €50,000 for a car and €100,000 for a bus.
• Measure 3: Aimed at supporting offshore island communities, with maximum grants of €120,000 for community transport projects and up to €50,000 for amenities projects.

At Community Finance Ireland, we understand that if your grant is approved you may need additional support in the form of accessing your grant via bridging finance. And this stage is often needed swiftly.

That’s why our local relationship managers are here to support you at that key stage in the overall process. Whether you are in one of Ireland’s most remote areas or not we’re dedicated to helping you drawdown that much needed grant award.

If you are interested in accessing CLÁR 2024 funding and need assistance on the drawdown of an approved grant, don’t hesitate to reach out to us. Our team is committed to working with you make the most of a successful application.

Get in touch with Community Finance Ireland’s seasoned navigators who are here to help you access Bridging Finance.

More info from the department visit their website.