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09/02/2017 - Clann Credos €25million Community Loan Fund

 

Cathaoirleach attends launch of Clann Credo’s €25million Community Loan Fund

Paul O’Sullivan, CEO Clann Credo with Cathaoirleach Cllr. Terence Slowey at Mondays launch of the €25million Community LEADER Loan Fund.

 

 

Cathaoirleach Cllr. Terence Slowey attended the launch of Clann Credo’s new €25 million Community LEADER loan fund in Virginia Co. Cavan on Monday.

 

 

This new loan fund which was officially launched by Minister for Arts, Heritage, Regional, Rural and Gaeltacht Affairs, Heather Humphreys T.D. has been developed to provide both matching and bridging loan facilities for community based projects.  This fund is specifically geared to the needs of rural groups and initiatives and will not require personal guarantees from community organisations applying for the loan facilities.

 

 

“This loan fund will be of particular interest to community and voluntary based groups in Donegal who are hoping to avail of LEADER funding and particularly for groups who may have difficulty securing mainstream banking loans” says Cllr. Terence Slowey, Cathaoirleach of Donegal County Council.

 

 

“I am aware of a number of projects in Donegal who availed of loan finance from Clann Credo in recent years and I think the fact that this loan scheme will not require personal guarantees from community volunteers has to be welcomed”.

 

Clann Credo has 20 years experience in providing loan finance to community and voluntary organisations and has supported hundreds of community projects throughout these years.  Paul O’Sullivan, Clann Credo CEO believes that the commitment and contribution of community leaders and volunteers act as its own collateral and it is for this reason that the new LEADER loan scheme requires no personal guarantees.

 

 

Clann Credo has provided finance in the past to a number of Donegal based projects including Abbey Arts & Cultural Centre, Ballyshannon, Ardara Sheltered Housing Association Ltd and the Bluestack Foundation.

 

 

For more information on accessing this loan fund contact Clann Credo at info@clanncredo.ie or call 01 4002100.

 

 

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