Community Finance Ireland (previously UCIT): Community Loans Programme
Overview
Community Finance Ireland (previously UCIT) was established in response to decreasing grant support from government and the difficulties experienced by community organisations in accessing commercial loan facilities. As a registered charity, all profits generated by Community Finance Ireland are retained and recycled for reinvestment into the third sector.
Since 2001 they have committed in excess of £50 million to over 370 organisations in Northern Ireland and the Republic of Ireland. As a registered charity, all profits generated are retained and recycled for reinvestment into the third sector.
With community enterprises traditionally experiencing difficulty in attracting the support of mainstream banks, it established itself as a provider of long-term loan facilities, free financial advice, support and mentoring for this sector.
Who do they lend to?
They lend exclusively to Community organisations, charities and social enterprises, both large and small, located in Northern Ireland and the Republic of Ireland. Their borrowers include Faith-based initiatives, Sports Clubs, Training initiatives, Childcare schemes, Housing associations, Community transport schemes, Rural development projects and many more…
Finance is available for: buildings and equipment, working capital, cash shortfalls, bridging finance against delayed grants or other confirmed income and restructuring of debt.
Interest Rates - Interest rates are competitive and depend on the individual circumstances of each borrower.
Repayment Term - provides both long-term loans and short-term bridging finance. Loan terms are tailored to suit each borrower.
No penalties - does not penalise against early repayment of loans
Loan size - loans typically range from £25,000 - £500,000 +
As a registered charity, all profits generated are retained and recycled for reinvestment into the third sector.
Current Clients include:
- Enterprise & workspace projects
- Tourism initiatives
- Rural development projects
- Faith-based projects
- Childcare schemes
- Housing associations
- Community transport schemes
- Energy & environmental initiatives
- Sports & recreation facilities
To see organisations which have worked with Community Finance Ireland see the website here
Loans Summary (2016 - 2019)
- Supported 103 sports projects - Total: £10.7m
- Supported 116 community projects - Total: £7.5m
- Supported 22 Social Enterprise projects - Total: £1.5m
For further information and distribution of loans by region, visit the website here