A non-profit body that provides loan finance for community organisations has reached a lending milestone of more than €260 million.
Since it was established in 2007, the Social Finance Foundation (SFF) has provided loans to 2,200 projects across the country.
The average loan value to each of the organisations was €119,000.
The funding is provided by retail banks AIB, Bank of Ireland, PTSB and the Council of Europe Development Bank, with additional support from the European Investment Fund.
Over the last 18 years, €262m in loans has been allocated across a wide range of social sectors, which SFF said has "helped to facilitate community and social organisations to achieve their goals, delivering social benefits to communities".
33% of the funds were made available to community sports and leisure groups, followed by community and voluntary groups, which received 32% of the total.
They were followed by social enterprises and Family Resource Centres, which were both the recipients of 10% of the loans.
The foundation said its work "enables term loans which initiate and develop projects and bridging loans".
"Community groups are often in receipt of grants which are only paid when the work is completed.
"Hence, the importance to have bridging finance which is repaid when the grant is received."
11% of the organisation's loan book is bridging loans.
The chief executive of the Social Finance Foundation said the SFF addresses "a niche requirement which is the particular needs of social and community groups".
Garrett O’Donohoe said providing groups "a way to access finance, without personal recourse to trustees and volunteers, enables communities to get their project off the ground and get them completed".
He said the support of the Irish banks has been "vital" in reaching the milestone.
"Social financing is an ecosystem though which the banks can indirectly, via Social Finance Foundation, loan to social projects in a responsive and affordable manner," Mr O’Donohoe added.
Groups can apply for loans, which range from €5,000 to €1 million, through two lending organisations, Clann Credo and Community Finance Ireland.
The Minister for Finance said the availability of social finance to community and voluntary organisations can "play a critical role in allowing them to undertake projects that greatly benefit local communities".
Paschal Donohoe said the positive impact such organisations have on communities throughout Ireland is significant.
Since its inception in 2007, the SFF has benefitted from donated and low-cost funding from AIB, Bank of Ireland and PTSB, and previously KBC and Ulster Bank.
This came in the form of an original €25m non-repayable grant, followed by €116m at preferential interest rates.
It also has €20m in loan funding from the Council of Europe Development Bank and has the support of the European Investment Fund through a loan loss guarantee facility.
The chief executive of the Banking and Payments Federation Ireland said the milestone "highlights the ongoing need for affordable and accessible financing for Ireland’s community and voluntary organisations and social enterprises".
Brian Hayes said such groups "are the lifeblood of our society and make a meaningful difference in the lives of thousands of people".
"Through the provision of low-cost finance by our member banks - AIB, Bank of Ireland, and PTSB - we are proud to play our part in supporting this vital work."
He said the banks "remain committed" to working alongside the Social Finance Foundation and its lending partners "to ensure these organisations can continue to thrive and serve their communities".
