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Loans lifeline for Inishowen
community sector
10.11.09
by Linda McGrory
INISHOWEN community-companies struggling to get
loans from the banks will have access to cheap
finance under a new scheme designed to help social
enterprises.
Inishowen Development Partnership (IDP) has joined
forces with the Ulster Community Investment Trust
Ireland in a bid to boost the provision of loans at
nominal rates to social enterprises. Fort Dunree was
the first Republic of Ireland recipient of financial
assistance from UCIT while the voluntary Greencastle
Community Development Company have also received
monies.
The Trust recently announced the appointment of new
directors to its board and they include IDP manager
Andrew Ward. Mr Ward said he was delighted to have a
role on the board which also includes Kevin Helferty,
former chairman of the Irish League of Credit Unions
International Foundation and Michael Ludlow, CEO of
Meath Partnership. |
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Mr Ward said the
finance being offered would significantly help the
community sector in the peninsula.
“Social finance is becoming increasingly important
for the community sector and Inishowen Development
Partnership are delighted in taking an active part
in its development at a national level," said Mr
Ward.
"UCIT Ireland choosing Inishowen for its launch is a
reflection of the extremely strong community sector
that exists in the peninsula." Mr Ward said he would
also be pushing for sports groups and organisations
such as community co-ops to avail of the available
funding. He said the finance offered would also be
useful as bridging loans by groups waiting to draw
down grant-aid. By partnering with the Social
Finance Foundation, UCIT (Irl) will offer social
enterprises access to a fund of up to €97 million
over the next 12 years. UCIT have already approved
€3.5 million worth of investment for social
enterprises based in the Republic alone.
"We hope to develop new strategies, innovative
products and realistic solutions for groups on the
ground, in order to assist these communities in
whatever way we can and sustain the social economy
for the future," said UCIT chairperson Seamus O’Prey.
A recent local example of how UCIT (Irl) has
supported social enterprise in Ireland was the award
of a €100,000 financial package to Greencastle
Community Development Company. The company comprises
a voluntary group set up to undertake work in
education, social services and other activities for
the communities within Greencastle and Drumaweir.
The finance will be used for the development of a
sports hall, community units and the purchase of
additional sports equipment for the area and will
allow the group to provide adult education, youth
club facilities, retail units and childcare
facilities. The money will also help with the
provision of indoor sports and leisure facilities.
This finance will also allow the group to become the
main facility in the Inishowen area for people with
disabilities and those with special needs, who wish
to avail of sports and leisure activities.
Meanwhile, Fort Dunree used its UCIT loan to develop
itself as a unique tourism attraction, as well as
the main facility for community activity in the
area. |
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