€10 million recovery loan fund open to groups in Galway

galway daily news €10 million All-Island Recovery Loan fund

Community Finance Ireland has announced a €10 million All-Island Recovery Loan fund – its first ever all-island loan scheme which is open to organisations in Galway.

The fund will offer flexible loans of between €10,000 and €500,000 to community sector organisations including faith-based groups, sports clubs and social enterprises in Galway.

Between 2016 and 2020, Community Finance Ireland financed loans to the value of €2.4 million for organisations in Connacht, including Let’s Get Talking and Irish Association for the Deaf in Galway.

Commenting on the launch, Anne Graham, Client Executive Manager, at Community Finance Ireland said that we have witnessed the incredible resilience of the community sector throughout the pandemic.

“The All-Island Recovery Loan fund is open to organisations who want to build on these new opportunities to recover, rebuild or reimagine what they can bring to their local community,” said Anne Graham.

“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.”

Anne Graham explained that the new recovery fund supports the strategic priorities outlined in ‘Our Rural Future’ which was launched by the government earlier this year.

“The flexible nature of the fund with the added value of a one-to-one relationship with a dedicated client manager who knows the sector and the local area, makes it a great option for communities exploring how they can become more attractive locations for people to live and work,” she added.

“The All-Island Recovery Loan fund supports longer term loans plus short term bridging loans.

“There are no time restrictions around funding and we will respond to applications within 48 hours of receipt.”