From the Ground Up - How Social Finance can help ... - Clann Credo

From the Ground Up - How Social Finance can help ... - Clann Credo

From the Ground Up - How Social Finance can help ... - Clann Credo


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FROM THEGROUNDUPHow Social Financecan help CommunitiesRegenerate &Create Jobs

Contents1. The Role of the Social Economy in Recovery2. At the Coalface3. Expanding Credit, Fostering Innovation4. Creating Thousands of Jobs5. Lessons from Home: the LEADER Example6. Lessons from Near Neighbours: the Scottish Success Story7. Three Key Social Economy Innovations8. Social Impact Bonds9. Putting Ideas into ActionFROM THEGROUNDUPdesign by www.magnetdesign.ie

Understandingthe Social EconomyThe social economy is comprised of two key pillars:social finance providers and social enterprises.Social finance providers are the chief source of loans,investments and seed capital for communitybusinesses - or ‘social enterprises’ as they are morecommonly known.The key to the sector is the terms that attach to loanfinance: social finance providers demand that allinvestments generate a financial and a social return.All its capital is raised from private sources, mainly fromreligious charities and supplemented by the bankingsector through the Social Finance Foundation. Thesefunds are invested in projects that deliver a social aswell as a financial return. This financial return goestowards covering the costs of its operation.Clann Credo uses private finance for social purposesagain, and again, and again: as each loan is repaid, itis recycled to another project, creating additional socialdividends every time.Social enterprises must therefore show that theycan repay the loan and deliver a positive, verifiablesocial gain.Clann Credo - the Social Investment Fund wasfounded in 1996 and is a charity that operates as asocial enterprise without any public funding.

FROM THE GROUND UP1. The Role ofthe Social Economyin RecoveryThe social economy can play a key role in jobcreation and community regeneration, which isreflected in commitments and undertakings containedin the Programme for Government.Social finance providers like Clann Credo havedeveloped flexible and responsive systems that canvery quickly turn creative ideas into concreteprogrammes.With the support of social finance, communityenterprises and businesses can create a projected25,000 new jobs to bring Ireland to the Europeanaverage for social enterprise employment levels, forrelatively low levels of investment.The secret of this success lies in the capacity toidentify social and enterprise deficits and quicklyrelease resources to address the shortfalls. Inessence, communities are provided with the meansto reshape and rebuild themselves.The sector has a proven track record of innovativeprogramme delivery and has created new jobs andopportunities in many communities - urban and rural -across the country.A social audit of Clann Credo’s first decade ofoperation (1996-2006) showed a dramatic 58% risein employment levels among enterprises and venturesto which it had made loans. It also showed adoubling in the number of people using the servicesprovided by those enterprises.And yet, the financial cost is relatively low,particularly when set against the impressive gainsthat are delivered.Social enterprise has repeatedly proven to be a costeffective vehicle for the targeted provision of services,both within and to communities. It works with bothpublic and private sector agencies, drawing the bestfrom each.This development has for the most part taken placebelow the radar. But the impact has been enormous,with whole communities energised, activatedand enriched.

FROM THE GROUND UP2. At theCoalfaceAs pioneers of Social Finance in Ireland, Clann Credokeenly appreciates the necessity of ensuring thatevery cent of spending has a social impact.Now, with resources at a premium, delivery andimpact are everything.Our support has helped upgrade thriving communitycentres in Kilkenny (see case study); enterprisecentres in Limerick, transport services for people withmobility difficulties in Dublin and transformed an oldMethodist church into a vibrant museum and culturalcentre in Cork.We work with communities where ideas and energyabound - but where resources are in short supply.Frequently our support has been the missing piece inthat jigsaw, allowing local groups with initiative to turnconcepts into concrete enterprises.It has also helped a new community televisionnetwork for Dublin and developed state of the artsporting and community facilities across the country.In the process, valuable jobs have been created, localservices enhanced and communities strengthened.And those enterprises will in turn make positive socialand economic contributions to the communities inwhich they are based: be it in the form of new jobs orimproved services.But we can do more.

FROM THE GROUND UP3. Expanding Credit,Fostering InnovationAs the conventional financial sector contracts, socialfinance continues to grow, develop and expand.The latest figures from the Central Bank confirmedthat the fall in bank lending to business picked uppace in 2011, falling by 2.6% in the year to May. Thiswas in addition to a drop of 2.3% the previous month.Most worrying is the fact that short and medium termbusiness loans have been hardest hit. Businessloans over periods of one and five years (typically startup businesses and young ventures) have shown thebiggest drop.This is in stark contrast to the situation in the socialeconomy, where the groups and communities thatdepend on social finance providers have experiencedno shortage of credit.Clann Credo approved over c10 million in newlending in 2009 and the same amount again in 2010.We expect to double that to c20 million annually,within five years.The commitment to make finance widely available willprove crucial to hundreds of communities over thecoming years and will help many to realise their fullpotential. Access to social finance gives communitiesenhanced capacity to deal with the impact of theeconomic crisis.Clann Credo’s goal is to ensure that all groups withrepayment capacity, enjoy access to finance (onreasonable terms) and that no community is deprivedof jobs or services just because they cannotaccess credit.This ambitious goal is central to Clann Credo’splans to expand to meet growing social andeconomic needs.This includes the establishment of a SocialInnovation Hub that will act as a ‘creative space’ forthe development of products, technologies and ideasthat will enhance community participation in widercivil society.

FROM THE GROUND UP4. CreatingThousands of JobsThe social economy should not be confused withcommunity and voluntary sector ventures of the past.It is an entirely different concept that works to anexacting and rigorous business model.For instance, Clann Credo itself is a social enterpriseand meets its operating costs from earned income.All its capital is raised from private sources (currentlyfrom religious charities and the banking sectorthrough the SFF 1 ) for investment in projects thatdeliver a social as well as a financial return.Neither income nor capital comes fromthe Exchequer.The social economy in Ireland remains relativelyunderdeveloped by European and global standards.It therefore has significant headroom for growth andexpansion here.Across the EU (and in the US) the sector’s moreadvanced state of development results primarily fromstrategic policy initiatives that have helped the socialeconomy grow and put down deeper roots.The potential for growth in Ireland is obvious, as is thepotential of the sector to contribute to job creationand economic regeneration.International experience shows that the socialeconomy can create jobs and provide essentialservices in a cost effective and sustainable manner -without placing a heavy, additional burden onthe taxpayer.The 2010 Report of the Task Force on SocialEnterprise Adding Value Delivering Change -The Role of Social Enterprise in National Recovery,(Dublin Employment Pact and Clann Credo - theSocial Investment Fund, 2010) pointed out that inEurope the sector accounts for between 4% and 7%of GDP, but in Ireland it represents just 3% of GDP.Achieving a European average of 5% would lead to thecreation of 5,000 jobs annually in the sector over fiveyears. In addition, it is estimated that, for every oneperson employed through social enterprise, at leastone other person contributes on a voluntary basis.Thus, it also tends to be far more integrated into theprocess of economic growth and development, oftenplaying a strategic role in service delivery by focussingon job creation in selected areas.1The SFF (Social Finance Foundation) was established by the government, to act as a wholesale supplier of funding to socialfinance providers. The initiative, announced by the then Minister of Finance in Budget 2006, is supported banking industrythrough the Irish Banking Federation (IBF). The aim was to increase the availability of loan finance at affordable interest ratesto community-based projects and local development initiatives which have a social impact.

FROM THE GROUND UP5. Lessons from Home:the LEADER ExampleThe social economy operates successfully in bothurban and rural environments.With regard to the latter, the LEADER Programmeshows how official policy can successfully enlist thesector in the delivery of key social services and theachievement of official targets.LEADER is an EU wide initiative that aims toencourage and facilitate the involvement of ruralcommunities in local development.The work of the social economy within LEADER washighlighted by one of Ireland’s leading socialenterprise experts at the 2011 Common CentsConference.“Social enterprise”, said Carmel Fox, Chief ExecutiveOfficer, Ballyhoura Development Limited, “cannot anddoes not work in isolation...it works with all parts ofthe economy and society, with the private and thepublic sector.”She went on to highlight the strong similaritiesbetween the aims of LEADER and the socialeconomy. Ms Fox said that the focus of LEADERwas on “the diversification of the rural economy and inimproving the quality of life in rural areas.”Ms Fox said schemes aimed at farmers and the longtermunemployed in rural areas could act asresources for local social enterprises, in terms ofproviding both employees and services.Citing examples of social enterprises workingsuccessfully within the ambit of LEADER, she saidthose interested in participating needed to “look at theopportunities and the needs of the local population”,as a first step.She outlined the supports that LEADER madeavailable through grants for research anddevelopment, training and mentoring and capitalsupport. While applicants had to satisfy a number ofrules, she stressed that that local developmentcompanies had proven to be “very understanding” inassisting applicant groups through the process.Their key concern was that given projects orproposals fitted with the programme’s overall strategy.Ms Fox outlined a number of the key factors thatdetermined the success of social economy initiatives.She said there was a requirement that they be‘market-led’ because “no matter what social objectiveyou have there must be a demand or a need for it.”“Social enterprise can make an impact on both ofthose,” she explained.

FROM THE GROUND UP5. Lessons from Home: the LEADER Example ... continuedIn addition, a successful social enterprise had to be‘knowledge driven’ and capable of accessing themost appropriate knowledge and systems to workwith and for the project.Equally, the enterprise had to be sustainable,something which could prove challenging. “Thecritical phase is the move from being supported tobeing sustainable...the challenge is not to becomecomfortable or dependent,” she said.Many Local Development Companies advise thatproject promoters report difficulties in securing loans(both bridging and working capital) from banks andcredit unions. As a result, these projects are unableto avail of the LEADER funding.Social finance is working hard to fill this vital gap.But ultimately, it was critical that the sector did enjoy“a supportive and enabling environment.” She citedthe Scottish example as one Ireland could learn from,in this regard.The absence of credit for community enterprises andmicro-businesses is becoming a serious constraint onthe delivery of the current LEADER programme.

Case Study: ‘Making Space’Stoneyford Development Association, KILKENNYArtist’s impression of therefurbishment: involvingthe construction of asecond floor and the newfacilities; a meeting room,an office, new kitchen,wheelchair accessibletoilets, storage space forsports equipment and anew reception area.‘Bursting at seams’ might have been the mostaccurate way to describe Stoneyford CommunityCentre, prior to 2011.Lying to the south of Kilkenny City, Stoneyford hadseen its population expand over the last decade. Buteven without the population growth, space had alwaysbeen at a premium in the existing Community Centre.Built in 1986, it consisted of only a hall, a small kitchenand two toilets.And yet into that limited space this energetic andengaged community had managed to compress aremarkable range of activities: from indoor soccer todrama, from bingo to badminton, from mother andtoddler to active retirement groups, from drama toyouth clubs.And at the heart of all this purposeful hustle and bustlewas the Stoneyford Development Association, thedriving force behind community life since 1970.But in recent years, it had become evident that whileremarkable use had been made of the space withinthe Community Centre, more space and betterfacilities were urgently required.The hall within the centre was at capacity mostevenings and was uneconomic for use by smallergroups. Equally, the acoustics proved problematic forolder users.Work began in 2010 on creating this new communityspace and plans were prepared (see the artistsimpression above).The new space will allow for a significant expansion ofactivities and services at the centre, including adulteducation and a drop-in centre for the town’s growingpopulation of young people.Kilkenny LEADER Partnership provided a grantcovering 75% of the costs, provided that theAssociation could come up with the balance. ClannCredo provided a term loan to supplement the moniesthe group had set aside. It also approved a bridgingloan, as the work must be paid for in advance beforeLEADER grants are paid out.Clann Credo supported the project given the very clearbenefit it would deliver to the community.

FROM THE GROUND UP6. Lessons from Near Neighbours:the Scottish Success StoryA remarkable 71% of Scottish people claim to beaware of social enterprise. The fact that the sector isso well-embedded in the public consciousness of thenation is no accident.The Scottish social economy operates at a far moreadvanced level than its Irish counterpart.In Scotland social enterprises have a proven trackrecord of providing quality, cost effective solutions todeep seated problems in society.Using innovative business practices, they aresuccessfully unlocking the hidden assets of localknowledge and resources normally overlooked in theconventional marketplace.Independent surveys in Scotland illustrate the ability ofsocial enterprise to create jobs in meaningful numbers– including jobs amongst those normally underrepresentedin the labour market. (State of SocialEnterprise 2009).Social enterprises are profitable. Two-thirds ofScottish social enterprises are making a profit; afurther 20% are breaking even – at the height of asignificant economic downturn.The 2009 survey also gathered information onemployee gender, ethnicity and whether they had adisability.The 814 organisations surveyed had 39,000employees, of whom two-thirds were women. Oneorganisation in six drew more than 25% of theirworkforce from people disadvantaged in the labourmarket.70% of the enterprises reinvested profits intodevelopment activities – expanding services orproviding new services to their beneficiaries.According to Jonathan Coburn of the Social ValueLab, Scotland has “a fast growing and vibrant socialenterprise movement that is the envy of the world.”Thus, the country is home to an impressive 3,000plus social enterprises that boast a combined annualturnover of almost £3 billion.In his address to the 2011 Common Centsconference, Jonathan Coburn presented some of theimportant lessons of the Scottish experience.

FROM THE GROUND UP6. Lessons from Near Neighbours: the Scottish Success Story ... continuedHe emphasised the need for clarity of voice andvision, citing the creation of the Scottish SocialEnterprise Coalition as a catalyst for the sector tospeak and act as one. He also stressed thenecessity of building “a rigorous evidence base, andof using case study evidence to inform and inspire.”Cross party political support had played a key role,resulting in the establishment of a dedicated unitwithin the devolved Scottish Government and thecreation of “perhaps the most sophisticated nationalsupport strategy evident anywhere in the world andspending on social enterprise policy that has buckedthe trend in an era of financial austerity.”This saw rapid, simultaneous movement in a numberof key areas across the sector: profile raising andpromotion; support for business growth; openingmarkets to social enterprises; developing skills andlearning across the sector.Jonathan Coburn was hugely optimistic about thepotential for replicating the Scottish success story inIreland. But speed is of the essence.“The challenge is to learn lessons and learn themquickly, if social enterprise is to play a significant rolein Ireland’s national recovery.”Mr Coburn also stressed the necessity of overcomingparochialism and “embracing innovation”, therebyplacing the sector at the ‘cutting edge’ ofdevelopment and with the capacity to learn from whatworks well elsewhere.He recommended a multi-faceted approach todevelopment, as opposed to concentrating on singleor isolated aspects. Thus, in Scotland policy makershad grasped the requirement to “seed a variety ofnew ideas, activity and support.”

FROM THE GROUND UP7. Three KeySocial Economy InnovationsThere are some existing social economy innovationsthat are readily applicable to Irish circumstances:i. CommunityBenefit Clauses (CBCs)These are an increasingly common feature of publiccontracts across the European Union. Their aim is toensure a wider social impact beyond the narrowfocus of a given public contract.Thus a CBC inserted into a public infrastructurecontract could contain stipulations in relation to equalopportunities employment or the upskilling of workers.This could maximise job creation and upskillingopportunities arising from the contract, whilstbenefiting local businesses in relation tosupply purchase.Community Benefit Clauses have been utilisedextensively as part of the build up to the 2014Commonwealth Games in Glasgow, to ensure thatthe games have a ‘legacy impact’ beyond merephysical infrastructure. CBCs are entirely compatiblewith EU law.ii. Public Social PartnershipsCurrently being piloted in Scotland this conceptmarries the differing skills of the private and publicsectors to ensure the more effective delivery ofservices.It allows for public service managers and privatecommunity groups to co-design new ways ofdelivering key services.This facilitates more targeted delivery of services, aslocal input and knowledge provides guidance on whatwill work best.The Scottish pilot - running well into 2012 - involves awide diversity of services, illustrating the flexibility ofthe model. These range from: social care, jobcreation, transport provision, criminal justice andwaste management.The Scottish model involves public service bodies, aprominent community body (Forth Sector) andPricewaterhouseCoopers.

FROM THE GROUND UP7. Three Key Social Economy Innovations ... continuediii. Social Impact BondsThe Programme for Government 2011 contained acommitment on Social Impact Bonds (SIB):“We will establish a new model of financing socialinterventions - Social Impact Bonds - that shareaudited exchequer savings with charitable andvoluntary organisations.” (p 30)Social Impact Bonds 2 are a novel means of financingthe delivery of key social services, in a cost-efficientand measurable manner.They work by identifying savings in public spendingthat can be made by tackling social problems earlyand raising private investment through, an SIB, tofund preventive interventions.These interventions are delivered by specialistcharitable and voluntary service providers. Theprivate investors are only repaid if the intervention issuccessful and the required targets are met.In this manner, risk is shifted entirely to the privatesector guaranteeing that the taxpayer will not be billedfor botched, or below par delivery.Social Impact Bonds represent an effective partnershipbetween the State, private investors (initiallyphilanthropic or charitable trusts) and the specialistservice providers that carry out the actual work.Uniquely, their structure means that the 'interventions'are managed at local level by community andvoluntary service providers and the focus shifts fromthe 'cost' of the service to rewarding clear anddemonstrable outcomes.SIBs are being piloted in the criminal justice area inthe UK; a number of other applications in the fields ofhealth, education and vulnerable children are alsoin development.In Canada SIBs are being examined as a means tocombat long-term unemployment, while New SouthWales (NSW) is set to become the first Australianstate to trial Social Impact Bonds.NSW Premier Kristina Keneally said: “Social ImpactBonds are an opportunity to increase funding forsocial programmes, not a substitute for Governmentsupport of community services.”Indeed, Canadian government research has foundthat SIBs enjoy some key advantages:• lower risk for Government (taxpayers) whilststimulating innovative programmes;• encourage planned and appropriatesocial ‘interventions’.Crucially, the research also found that SIBs strengthendelivery of services by ensuring the interests ofinvestors, Government and service providers areentirely aligned.2Social Impact Bonds are not bonds in the conventional sense. While they operate over a fixed period of time, they do notoffer a fixed rate of return. Repayment and return to investors is contingent upon specified social outcomes being achievedand therefore in terms of investment risk, SIBs are similar to an equity investment.

CASE STUDY: ‘CLEANING UP’Fatima Community Launderette, DUBLINThe Fatima Community Launderette began life as acooperative in 1986 and, over the intervening decadeshas provided a much-needed service to successivegenerations and been a key source oflocal employment.Operating out of a flat in the complex - allocated bythe Council, the operation may have been small tobegin with. Nevertheless, it would be hard to overstateits importance for the area, which was often forced tofall back on its own ingenuity and skills to cope withofficial neglect and abandonment.In 2005, prospects were somewhat brighter for theresidents of Fatima Mansions as the area’s longpromisedregeneration finally got under way. Theproject also meant temporary relocation for the nowthriving launderette and a premises was securedin nearby Harold’s Cross. It was to prove afortuitous move.Relocation saw the Fatima operation working side byside with Special Care, a provider of specialisedlaundry services across a range of sectors andorganisations. In addition, the new premises allowedfor a more significant ‘walk-in’ over the counterlaundry service.It was clear that there was a natural pooling of skillsand experiences between the two entities and hardlysurprising that, over time, they began to work verymuch as one unit. In 2008, as the Fatima operationprepared to move back into the refurbished flatscomplex - to occupy a purpose built enterprise unit -the board agreed to purchase Special Care and keepboth premises open, for a time.The process also saw major investment in the mergedoperation and the purchase of new specialisedequipment. Clann Credo has provided support for thenew, expanded operation on the basis that it wouldmake a major contribution to the economic and sociallife of the community.

FROM THE GROUND UP8. Social Impact Bondsand other forms of outcomes-basedfinance in IrelandIn April of this year Clann Credothe SocialInvestment Fund, in association with The AtlanticPhilanthropies and the Centre for Effective Services,hosted a Roundtable of key figures from Governmentdepartments, philanthropists and charitable andvoluntary organisations that deliver services onthe ground.The overwhelming consensus among participantswas that the initiative promised much but requireddeeper analysis on how it might be best utilised andmaximised, in an Irish context.As a result, Clann Credo has initiated a scoping studythat will inform how best to proceed.International expertise and input came from TobyEccles, a leading authority on Social Impact Bonds,in the UK.Interestingly, the discussions coincided with a lengthyIrish Times examination (May 2) of the concept ofSocial Impact Bonds.Indeed, his organisation - Social Finance Ltd 3 - isresponsible for the UK Government’s first SocialImpact Bond, which focuses on cutting re-offendingrates among prisoners.Participants in the roundtable discussions looked atthe possible gains and possible pitfalls of the SIBmodel and asked if the Irish social economy wassufficiently developed to make full use of thisinnovative measure.The article outlined how popular they are proving inother jurisdictions: “With Barack Obama committing$100 million to the idea in the US and DavidCameron already out of the traps with Britain’s firstsocial impact scheme, it’s no surprise the conceptnow appears in our own programme for government.”It featured contributions from Eccles, who describedSIBs very concisely as “a way of financingsocial change”.3Social Finance Ltd is an UK FSA regulated, non-profit organisation with a mission to acceleratethe flows of non-government capital to address difficult social issues.

FROM THE GROUND UP8. Social Impact Bonds and other forms ofoutcomes-based finance in Ireland ... continuedMr Eccles went on to explain that: “If there’s an areawhere you’d like to see more investment to bringabout an improvement in society, a social impact bondis a structure we’ve designed to make that happen.”Detailing how the service delivery functions, hepointed out that investors in the UK could expect tosee a return of 7.5% per annum - with that figurerising in proportion to the success of the scheme.He also saw potential for the bonds to be deployed inareas such as health and utilising modern technology- such as the Nintendo Wii - to help keep people outof “expensive hospitals” and doing physiotherapyat home.Noting the “strain” on Government resources, the IrishTimes article wondered whether “social impact bondsmight just be the ‘big idea’ that Ireland needs.”But investors get nothing if the agreed targets arenot met.He revealed that the UK experience had uncoveredinterest among a range of potential investors, fromfoundations to high net worth individuals with aninterest in ‘social change.’But he predicted a broadening of the investor baseover time, to include “men and women on the street.”

FROM THE GROUND UP9. PuttingIdeas into ActionResources are scarce but, as initial results from the2011 Census confirm, we are likely to see anincreased demand for services from a growingpopulation, in the years ahead. Reconciling thosehugely divergent factors is a task that falls toGovernment and all with an interest in ourregeneration and recovery.We must employ every tool at our disposal. Thesocial economy has a proven track record and aproven capacity to deliver high impact and genuinelytransformative programmes at low cost.The Irish social economy is uniquely placed to growand develop and make an enormous contribution tothe recovery process. It enjoys the additionaladvantage of being able to borrow from verysuccessful models overseas and introduce quiteinnovative initiatives in a short space of time.Government has a role to play in that process, inhelping to create what has been termed ‘the enablingenvironment.’This is recognised in the Programme for Government."The Government will promote the development of avibrant and effective social enterprise sector. We willinstruct agencies to view social enterprises asimportant stakeholders in rejuvenating localeconomies." (p 14)Drawing on 15 years experience of working in thefield and a pioneering role in the development ofsocial finance in Ireland, Clann Credothe SocialInvestment Fund developed the following proposals.The proposals offer practical steps to assist in therealisation of this and the related commitments in theProgramme for Government.And what we are advocating can be introducedrapidly and at no extra cost to the taxpayer.Our key recommendation is that Government formsa Social Economy Development Unit (SEDU),comprising of the relevant officials from theDepartment of Jobs, Enterprise and Innovation andthe Department of Environment, Community andLocal Government. This would bring together officialsfrom each Department with knowledge andexperience of the Enterprise and Community sectors.Its immediate task would be to convene a smallWorking Group of key individuals from within thesocial economy and private business.This Working Group would be set a specific task:to quickly assess how the combined capacity ofthe social economy can be harnessed to deliverhigh impact programmes that will deliver betterservices and create new jobs.

FROM THE GROUND UP9. Putting Ideas into Action ... continuedWe believe the Working Group should operate to atight timeframe and report back with specificproposals, no less than 60 days from the date ofestablishment.> How Social Finance providers and LocalIntegrated Development Companies can ensurethat credit is made readily available toLEADER projects?Among the issues it could be asked to examine are:> How can we create better linkages between thethree sectors (public, private and social) tostimulate job creation and social service delivery?> Which overseas initiatives can be quicklyadapted to the Irish experience?> How can we involve the business community inkey initiatives?> How can the agencies of Government work betterwith the social economy?> How social enterprise can be incorporated intothe economic, planning and developmentstrategies of local authorities?> How can new programmes be undertaken costeffectively and without placing a significant burdenon the public finances?Ultimately, this is about drawing on all the talents ofthe nation - all its expertise, energy and ideas – andharnessing them for the task of job creation andregeneration.> How to measure and monitor the economic andsocial impact of social enterprise to ensureeffectiveness and value for money.> How social enterprise policy can best be drivenby the two Departments (Jobs, Enterprise &Innovation and Environment, Community & LocalGovernment) in conjunction with County and CityEnterprise Boards, Local Integrated DevelopmentCompanies, etc?

How to AccessClann Credo Loan FinanceGenerating Inclusive Prosperity:Clann Credo's CEO, Paul O'Sullivanshows Sr Magdalen Fogarty(Founder) and Tom Finlay(Chairperson) a rosette speciallymade by Speedpak workers to markClann Credo's 15th Anniversary.Clann Credo provides affordable loan finance tocommunity, voluntary and charitable organisations,community businesses and social enterprisesthroughout Ireland and abroad.We consider loans up to c500,000 and loans aregenerally for a period of up to seven years, but longerrepayment periods may be considered.Our finance packages include loans for:• immediate use, to be repaid from future grantsincluding LEADER funding or fundraising,(Bridging loans)• matching funding from other sources(Match Funding Loans)• equipment and vehicle purchase(Capital Equipment Loans)• wages, services and/or materials, in anticipation offuture sales (Working Capital Loans)• purchase / construction of property or for therefurbishment of an existing one (Property Loans)Loan ApplicationFinance needs are unique so we don't ask loanapplicants to complete long, generic application forms.Instead we will discuss your needs with you - either inperson or on the phone. You can initiate the processby making an enquiry through our websitewww.clanncredo.ie, email info@clanncredo.ie or callingus (Tel: 01-400 2100). A member of our team willcontact you to discuss your requirements infurther detail.Alternatively, meet us in one of our regional locations,Cork, Mayo or Dublin and tell us about your work, yourproposal and your financial needs.It really is that simple.

Drawing on 15 years experience of working in the field and apioneering role in the development of social finance in Ireland,Clann Credothe Social Investment Fund puts forward innovativeproposals to help rejuvenate local economies and create jobsHead Office:Irish Social Finance Centre10 Grattan CrescentInchicoreDublin 8Tel: +353 (0)1 400 2100Fax: +353 (0)1 453 1862E: info@clanncredo.ieWestern Office:Tel: +353 (0)94 906 0679E: traceyhannon@clanncredo.ieSouthern Office:Tel: +353 (0)87 245 1470E: jim@clanncredo.iewww.clanncredo.ieFollow us on:www.facebook.com/ClannCredowww.twitter.com/Clann_CredoClann Credo Limited, a company limited by guarantee not having share capital with charitablestatus, CHY13308: Registered in Dublin, Ireland, No: 253147. Registered Office: Irish Social FinanceCentre, 10 Grattan Crescent, Inchicore, Dublin 8.Directors: Jerry Butler, Peter Cassells, Tom Finlay, Magdalen Fogarty, Teresa Harrington,Gerry Kearney, Maurice O’Connell, Grace Redmond and Lorcan Tiernan© copyright Clann Credo 2011

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