€1.8m fund to ‘empower’ disadvantaged women

A $1m gift from a US banking giant just months after its pre-Brexit switch to Ireland has created a new philanthropic fund that aims to help 1,000 disadvantaged women find better jobs.

Charity and social enterprise groups which empower women through education, training and upskilling are now being invited to apply for a slice of some €1.8m in funding under the new Mná na hÉireann — Women of Ireland Fund over the next three years.

The fund has been launched by Social Innovation Fund Ireland (SIFI), which will manage it in partnership with Bank of America and the Department of Rural and Community Development.

“With the establishment of this pioneering fund and working closely with Bank of America and the department, we aim to empower 1,000 women to find and secure sustained employment over the course of three years,” SIFI’s CEO, Deirdre Mortell, said.

SIFI is a charity created by the government to establish a philanthropic fund to drive the development of social innovation here. Every euro it raises in philanthropy is matched by a euro from the department through the Dormant Accounts Fund.

Bank of America’s $1m contribution, the single largest received by SIFI, has led to the creation of a €1.8m fund to support charities and social enterprises that work to improve the economic mobility of women.

Grant winners will also receive a place on an accelerator programme, which will include bespoke training from experts, as well as further mentoring and specialised training from some of the bank’s own staff.

News of the gift comes just months after the bank completed the relocation of its main EU banking operations and up to 100 staff from London to Dublin ahead of Brexit.

The bank’s vice president, Anne Finucane, and chairman of Bank of America Merrill Lynch Europe, is one of the most powerful and influential figures in US business and global banking and can trace her Irish ancestry through one of her grandfathers to Newmarket, in north Cork.

The bank has backed philanthropic projects in Ireland before, including the national music programme, Music Generation, and peace projects in the north.

Ms Finucane, who is a powerful advocate for women in business, said: “Fostering sustainable growth, economic mobility and social progress within the communities in which we operate is at the heart of our business. This new fund aims to support organisations which provide women with the tools needed to gain sustainable employment.”

Taoiseach Leo Varadkar said the fund has the potential to create a lasting impact on the lives of women.

According to CSO figures, the 14% gender participation gap in the Irish labour market is one of the widest in Europe.

The fund is now open for applications until April 18 at www.socialinnovation.ie/mna-na-heireann-fund.