Monday 18th May 2020
The Social Finance Foundation, in conjunction with Banking & Payments Federation Ireland (BPFI) and the European Investment Fund (EIF), has announced two new funding initiatives that have been welcomed by An Taoiseach, Leo Varadkar TD. The funds will mean greater access to social finance loans for organisations in the social sector.
€44 million in additional low-cost funding from Irish banks
Under this agreement, the Irish banks will make an additional €44m in low-cost funding available to the Social Finance Foundation over the period 2021 to 2025.
€25 million in Loan Guarantees from European Investment Fund
Under this agreement, the European Investment Fund has agreed to provide loan guarantees totalling €25m to support new lending by the Foundation. The €25m Loan Guarantee is being made available under the European Union’s Employment and Social Innovation programme, part of the Investment Plan for Europe.
Further information on the announcement is available on the Social Finance Foundation website at: https://sff.ie/more-money-available-for-community-projects/