Northern Ireland’s only dedicated social finance provider has set aside a £10 million pot to provide recovery loans to community sector organisations hit by the impact of the Covid-19 pandemic.
Community Finance Ireland said it will offer flexible loans of £10,000-£250,000 to community sector organisations including faith-based groups, sports clubs and social enterprises.
It follows what is said is the “incredible resilience” of the community sector with many organisations pivoting their offerings.
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Dónal Traynor, Chief Executive of Community Finance Ireland, said community organisations are key to the broader recovery in the months ahead.
“Despite the challenges of Covid-19 and public health restrictions, our client portfolios performed well over the past year and at Community Finance Ireland, we have nothing but confidence in the sector and its ability to play a pivotal role in bringing our local communities back together and to create something new in response to the changes our communities have undergone during the past year.”
The All-Island Recovery Loan Fund supports longer-term loans and shorter-term bridging loans. There are no time restrictions around funding and Community Finance Ireland said it responds to applications within 48 hours of receipt.
Forkhill Preschool, a voluntary not-for-profit preschool set up in 1983 and situated in the Ring of Gullion catchment area in rural Armagh and has already taken advantage of funding through Community Finance Ireland.
With support from the Coronavirus Business Interruption Loan Scheme managed by Community Finance Ireland, it has been able to progress with the construction of a modern purpose-built childcare facility. The new facility will comprise of a large playroom, a multi-purpose quiet room, kitchen, toilet facilities, cloak area and an outdoor play area.
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Marie Grant, Chair, Forkhill Preschool Playgroup, said the support has been vital.
“We are grateful for the support provided by CBILS which was vital in enabling us to pay upfront costs during the construction phase and a shortfall in the funding required to complete our new childcare facility.
“The new centre will leave the playgroup well placed to respond to any new statutory conditions or regulations imposed in response to the coronavirus outbreak.”
Community Finance Ireland is part of the UCIT Group, established in Belfast in 1995 and now supports a diverse portfolio of clients across the island of Ireland from Bantry to Ballymoney, and from Dublin to Dingle.