Loans of €17m approved

THE inaugural stakeholders’ meeting of the Social Finance Foundation heard yesterday that, to date, loans totalling €17m have been approved in support of community-based projects — including community centres, crèche and sports facilities.

Loans have also been made to micro-enterprises to become established and generate employment.

This information was provided by chairman Peter Quinn as an update on the performance of the foundation since its incorporation in 2007.

The foundation was established under the Government’s Social Finance Initiative in January 2007. It is a not-for-profit company which wholesales finance-to-social intermediaries with the expertise to manage lending to social and community projects and social enterprise, that would not qualify for loans elsewhere.