Social finance involves lending money with the primary purpose of achieving positive social change. Money is lent to individuals or organisations where it is felt that the money will achieve positive social impact. The money is paid back, with affordable rates of interest.
Website: http://www.first-step.ie
First Step provides loans of under €25,000 to projects who cannot access sufficient funding from other sources.
Website: http://www.ucitltd.com
UCIT was established in 1995 in response to decreasing grant support from government and the difficulties experienced by community organisations in accessing commercial loan facilities. The organisation now stands as the key provider of loan finance, free advice, business support and mentoring to the social economy sector in Northern Ireland and the Republic of Ireland. Furthermore, UCIT (Ireland) Ltd. has recently been accredited as a provider of social finance to distribute funds from the Social Finance Foundation in the Republic of Ireland.
As a registered charity, all profits generated by UCIT are recycled for reinvestment into the community and social enterprise sector.
Website: http://www.sff.ie
The Social Finance Foundation was incorporated in 2007 with support from the Government and the banking sector, to encourage and support social finance in Ireland.
Website: http://www.clanncredo.ie
Clann Credo provides repayable finance to Community and Voluntary organisations and Charities that find it difficult to access funding from mainstream financial institutions. This support is primarily through loan finance and occasionally direct investment. All projects are evaluated on their potential to make a social as well as a financial return.
Since 1996, over €17m has been invested in more than 140 groups. Clann Credo has also provided support to organisations in Kosovo, Slovakia and South Africa.
Clann Credo the Social Investment Fund also provides Training and Mentoring to the sector.