1. Irish Rural Link Presentation June 2011

2. In July 2006, the Government approved the implementation of the Social Finance Initiative. A not-for-profit company (limited by guarantee and having no share capital) A wholesale supplier of funding for social finance Operates through Social Lending Organisations (SLO's) that it funds to interface with the borrowers. (E.g Clann Credo)

3. “Social Finance has as its prime purpose, care of people and communities” – Sr Magdalen Fogarty, Founder Clann Credo

4. Background Formed 1996 Not-for-profit - Registered Charity Over €30M invested in over 250 projects Fund size €15M Funded by Charitable Organisations and Foundations by way of Investment (not grants)

5. What is Social Finance? Social Return + Capacity to Repay Access to Finance for: - Community & Voluntary Sector - Charitable Organisations - Community Businesses - Social Enterprises

6. Projects Supported Social Housing Community & Enterprise Centres Sports Facilities (including GAA/soccer clubs) Elder and Youth Care Environmental Projects Community Arts/ Drama Accessible / Rural Transport

7. Social Dividend

8. Property purchase, construction or refurbishment Working Capital Loans Short Term Bridging loans against future Fundraising Income or LEADER grants. Matching Funding e.g. 25% of project funding under LEADER grant funded project. Loans to purchase equipment and vehicles Loan Purpose

9. Financial Products Amounts financed from €5,000 - €1,000,000 Interest rates in region of 5% p.a. Collateral may be taken as security (if available) Terms of up to 15 years Capital Repayment Moratoriums available for an initial period of up to 2 years

10. Clare Family Resource Centre Community childcare facility Community childcare facility providing affordable quality service. providing affordable quality service. Project had good track record over Project had good track record over a number of years. a number of years. New Centre opened in late 2008. New Centre opened in late 2008. Centre part financed under NCIP Centre part financed under NCIP Childcare Program. Childcare Program. Clann Credo provided balance of capital Clann Credo provided balance of capital finance towards overall funding cost. finance towards overall funding cost. Repayments funded from fees / grants Repayments funded from fees / grants

11. Lisdoonvarna Fáilte Integrated leisure, recreational and community facilities. Involves GAA, astro turf, playground, childcare and community hall. CCL provided bridging and term facilities.

12. Kilkee Housing Ass. Development of 29 social housing units Clann Credo provide part of capital cost. Repayment from rental income

14. Difference from Mainstream Financial Providers Mission & Purpose Value Based Use of Financial Capital Attempting to meet the needs of projects

15. Difference from Mainstream Financial Providers Flexibility in devising product for client Access to other grant / loan funding Track Record of almost 15 Years Networks of Customers

16. Difference from Mainstream Financial Providers ‘Unbankable’ Loans No personal guarantees Transparency of Relationships Still lending !!!!!

17. Thank You

18. Further Information http://www.sff.ie/ www.clanncredo.ie http://www.ucitltd.com/ www.socialenterprise.ie