12 December 2011: Hundreds of community based jobs have been created or maintained as a result of the support provided by Clann Credo - the Social Investment Fund, a new report published today, states.
The report, The Economic and Social Contribution of Clann Credo – the Social Investment Fund by Dublin based DKM Economic Consultants, was launched in Newport, Co Mayo today, by An Taoiseach, Enda Kenny, TD.
Among its findings are:
- Clann Credo was directly responsible for creating 260 jobs and maintaining another 630 during the period reviewed
- In 2011 Clann Credo assisted social enterprise and community businesses employed 820 full time and 670 part time workers.
- In addition, 3,100 volunteers donated their services to Clann Credo client companies, providing an estimated 261,000 hours voluntary labour, with a wages equivalent to €2.3 million a year.
- Over the past 15 years, Clann Credo – the Social Investment Fund has provided close to €33 million in loan finance to projects throughout the country.
- Community facilities and infrastructure, community care and education, employment and community enterprise were the most significant social dividend categories associated investment projects supported.
Commenting on the findings, Ernestine Woelger, of DKM Economic Consultants, said that “the assessment of the total economic impact of Clann Credo assisted enterprises in 2010 suggests an economic multiplier of 1.32. For every €1 injected into the Irish economy by a Clann Credo client, the Irish economy benefits to the tune of an additional 32 cent.”
“In addition Clann Credo has invested significantly in the social capital of Irish communities at a time when economic realities are putting increasing strains on the social fabric of Irish life,” she said.
Paul O’Sullivan, CEO of Clann Credo - the Social Investment Fund, welcomed the findings, saying it illustrated the benefit in supporting social enterprises, who can simultaneously provide jobs and community benefits and services.
“The need for Social Finance arises from the failure of the market to provide certain enterprises with adequate investment finance to grow or remain in business. Access to credit by social enterprises from mainstream banking has always been difficult. Social Finance responds to communities and enterprises that are often overlooked by conventional sources of finance, and ensures that all investments produce a social gain or benefit,” he said.
ENDS
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