In July 2006, the Government approved the implementation of the Social Finance Initiative. Announced by the then Minister of Finance in Budget 2006, it established a not-for-profit company (limited by guarantee and having no share capital) to act as a wholesale supplier of funding for social finance.
Social finance is about the availability of loan finance at affordable interest rates to community-based projects and micro-enterprises. These projects, which generate both a social benefit as well as a financial return, often experience difficulties in accessing loans from mainstream lending institutions. In January 2007, the company was incorporated and the Board appointed. Seed capital of €25m was provided by the Banking Industry through the Irish Banking Federation (IBF).
SFF as a wholesale lender in the social finance arena operates through Social Lending Organisations (SLO's) that it funds to interface with the borrowers.
SFF had its second fiscal year end at 30th June 2010. The second Annual Report on its work to date is featured on this web site here.
Key Statistics
(Updated stats as at
31 Dec 2010)
Loan Amounts Approved
€28,000,000
Loan Amounts Drawn
€15,000,000
Current Loan Balance
€9,500,000
Social Finance Foundation is supported by:
NEWS RELEASE -
03 August 2011
Social Finance Foundation appoints
Sheila Nordon as Chairman as
Peter Quinn steps down.
Peter Quinn retired as Chairman of the Social Finance Foundation on Wednesday 27th July 2011, having served in the position for over four years. His tenure had been extended one year by the Minister for Finance in 2010. Click here for more.
€28 million in loans approved
since Aug 2007
Since its launch in 2007, Social Finance Foundation, through its partner SLOs (Social Lending Organisations) has approved loans totalling €28m to projects and microfinance entrepreneurs that are making a difference in communities across Ireland.
To date, €15m worth of these approved loans have been drawn down and over €5m have already been repaid.
