Social Finance Foundation gave loans of 25.5m to community groups in 2023 [Video]

Social Finance Foundation (SFF) plans to nearly double its lending to community groups from €59m to €100m by 2029.

The non-profit body lent €25.5m to 253 community groups across 26 counties in 2023 with an average loan value of €101,000.

SFF’s funding has been provided in part by the retail banks (AIB, Bank of Ireland and PTSB) since 2007, firstly in the form of a €25m non-repayable grants followed by €116m of loan funding at preferential interest rates in two tranches for 2009-2025.

The Council of Europe Development Bank has also provided €20m in funding, with additional support of a €25m loan guarantee facility from the European Investment Fund.

As a result, the Social Finance Foundation has loaned €225m to over 2,000 organisations to date, and the organisation is encouraging community and voluntary groups and social enterprises to apply for loans from €10,000 to €600,000 through its social finance lending partners, Clann Credo and Community Finance Ireland. 

Of the 2023 loan …