Ireland has celebrated a summer of sporting success at national and international level, but when we look to the grassroots of our sporting heroes, we must see how much more we could achieve with investment in community facilities. That’s according to Community Finance Ireland, who today (23.09.21) launched a new €5 million fund offering social finance solutions to sports clubs across the island of Ireland.
The new fund will make flexible loans of €10,000-€500,000 available to sports organisations seeking to make a change in their local community whether that is to renovate changing or training facilities for their players and participants, or to improve local infrastructure that makes their club grounds more accessible for the local community.
The fund launched today at an online event, ‘Financial As Well As Physical Fitness Is Key To Success’, with panellists including Sinead Reel, Chairperson of Armagh Ladies’ GAA County Board, sports journalist with the Irish Times Joanne O’Riordan, and Irish Olympian Brendan Boyce who trains at the Community Finance Ireland funded Finn Valley Athletics Club in Donegal.
Speaking at the launch, Anne Graham, Community Finance Ireland Client Relationship Manager said:
“Our athletes have been blazing a trail across tracks, pitches and pools, and inspiring our next generation of sporting heroes. While it’s been a summer to celebrate, it’s also challenged all of us to consider how much more we could achieve, how much more support we could provide our aspiring Olympians or All-Stars, with greater investment in grassroots facilities and clubs.
Every community will be looking to their local pitch, climbing wall or tennis court to see where improvements can be made to upgrade equipment, develop more accessible and inclusive facilities, or perhaps to make the circuit around a pitch or track a safe public walkway for the community to keep active on those darker winter nights by installing floodlights.
Wherever a club sees an opportunity to invest in their local community, we want to put the power to make that change into their hands with fast, flexible, fair loans that can be used to bridge gaps in their funding, unlock drawdown of government grants, or provide much-needed project finance.
We work closely with sports clubs across the country, in fact they make up over a third of the organisations we work with, so we know what they need. We know that volunteers and board members aren’t in a position to provide personal guarantees, so we don’t ask for them; we know funding streams can be unpredictable, so we don’t change our interest rates or hand out penalties for early or lump-sum repayments”.Anne Graham- Client Relationship Manager, Community Finance Ireland
Patsy McGonagle, Chairman of Finn Valley Athletics Club, worked with Community Finance Ireland to make essential improvements to their grounds in 2013. He said:
“We’re providing a modern facility in an area where there’s very little opportunity. 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’s welcome and their approach made it a win-win for us big time. They were very responsive, easy to work with. It was a great experience. The facility would not exist were we not to get that finance.”Patsy McGonagle- Chairman, Finn Valley Athletics Club
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 – £500k (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?