Social finance organisation ClannCredo said it has provided over €215m in finance to community and voluntary groups, sports clubs, climate action initiatives, social enterprises as well as social housing in Ireland since 1996.
As the largest social finance provider in Ireland, Clann Credo has a current loan book of over €50.3m and said it provides much needed capital to community and voluntary groups around the country.
Clann Credo provides community loan finance to voluntary, charity, sports and community groups countrywide. It gives out loans in circumstances where conventional banks and lenders and credit unions may not provide them.
Working like a social bank, it has supported more than 1,500 organisations in the community, providing lending that places the focus on the social impact potential of a project.
It held its annual conference held in Croke Park today.
The latest Clann Credo Impact Report shows that 65% of its social finance lending in 2023 reached communities with a below-average score on the Pobal Deprivation Index.
It demonstrated an increase in their lending to communities classified as disadvantaged (11%) or extremely disadvantaged (4%) during that year.
Clann Credo said its finance supports sporting clubs (38.9%), community playgrounds, community centres and facilities in the community (16.7%) as well as disability projects (9.9%), enterprise centres (8.4%) as well as social sheltered housing (6.6%) among other projects.
Clann Credo chief executive Mary Lawlor said that with a current loan book of €50.3m, Clann Credo is strategically positioned to build on its customer base and respond effectively to evolving community needs and ambition.
"The feedback from the 250 delegates at our conference today signals an increase in community ambition throughout Ireland which gives us confidence to scale our work and reach more communities who share our mission for positive social change," she said.
Minister for Finance Jack Chambers it is clear that Clann Credo are making a real social impact on the ground around the country, through their support of community, sporting and voluntary groups.
"The level of social finance required in Ireland over the last number of years demonstrates the need for this type of finance, and reflects the huge ambition of local community groups to making a difference in their areas," Mr Chambers added.
