Almost €1 million invested in Donegal community projects

Twelve Donegal community projects supported by Community Finance Ireland over the past three years

Almost €1 million invested in Donegal community projects

Kapil Khanna, Managing Director of the All-Ireland Business Foundation, and Dónal Traynor, Associate Director of Community Finance Ireland.

Twelve community projects in Donegal were supported by Community Finance Ireland over the past three years.  In total, the projects received €946,078 of social finance between 2016 and 2019. 

Community Finance Ireland helps community projects to access finance and drive social impact.  It is the fastest growing dedicated social finance provider across the island of Ireland and the UK.

The organisation works across the island of Ireland, supporting projects ranging from community farms and sports clubs to environmental projects and cultural events. 

Fort Dunree Military Museum received the first loan issued by Community Finance Ireland in 2007 and County Donegal community projects have received more funding, per county, than anywhere else in Ireland.

In Donegal, the organisations supported by Community Finance Ireland over the past three years include:

Bundoran Community Development CLG;
Fort Dunree Military Museum Ltd.; and
Ulster Canada Initiative

Community Finance Ireland is now inviting applications from non-profit and voluntary organisations in Donegal – and throughout Ireland – that are seeking finance to sustain or grow projects with social impact. 

Commenting today (28.02.20), Dónal Traynor, Associate Director of Community Finance Ireland, said: “Since the 2008 recession, finance has been harder to come by, particularly for non-profit organisations.  The funding landscape has changed dramatically, with progressive organisations – such as Community Finance Ireland – developing new and innovative approaches to meeting communities’ finance needs. 

“The organisations we work with are, typically, run by volunteers.  Unlike banks, we don’t ask for personal guarantees, and our finance products are specifically tailored for the community sector.  We are a registered charity, so our motivation is not profit.  Any profit we generate is reinvested into onward lending. 

“Our mission is to ensure locial impact is felt, not simply dreamt, and we are well on our way to supporting this ambition.  Loans of €2,370,000 have already been approved in 2020, supporting community organisations to acquire new premises and equipment, restructure current debt, and bridge financial gaps caused by delayed grants or other postponed income.

“We are very much ‘open for business’, and we encourage community projects with big ideas to approach us to discuss their finance needs.  We can provide loans ranging from €30,000 to €500,000, and we are always happy to meet organisations and discuss the different funding options available to them.”

For further on Community Finance Ireland, visit www.communityfinance.ie.

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