Welcome to the first issue of Social Finance News, the electronic newsletter of Clann Credo - The Social Investment Fund.

SOCIAL ENTERPRISE COULD CREATE 65,000 JOBS - NEW REPORT

Launching the Social Enterprise Task Force's Report: from left to right: Maurice Healy, Chairperson of the Social Enterprise Task Force and former President of IBEC; Anne-Marie Farrelly, Chairperson of Dublin Employment Pact; Minister for Enterprise, Trade and Innovation, Batt O'Keeffe TD and CEO of Clann Credo - The Social Investment Fund, Paul O'Sullivan.

Social Enterprise has the potential to provide 65,000 jobs and contribute to the objective of economic recovery, a new Report,  “Adding Value Delivering Change  - The Role of Social Enterprise in National Recovery,” states.

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DEMAND FOR SOCIAL FINANCE REMAINS STRONG

Demand for social finance remained strong during the first half of 2010, despite a lack of growth in almost every sector of the economy.

During the first six months of this year Clann Credo - The
Social Investment Fund approved loans worth €5.2 million to 43 Social Enterprises, Community Groups and Charities. This has been possible due to continued support from social investors, particularly the religious congregations and the Social Finance Foundation.

Paul O'Sullivan, Chief Executive Officer of Clann Credo, said the strong performance of social finance is linked to a greater awareness of the benefits of social finance and a new entrepreneurial approach in the community and voluntary sector.

"Needs have increased, but funding has been cut and charitable giving has declined. Social finance is assisting the social entrepreneurial endeavors of many NGO’s, non-profits and community & voluntary organisations who are now exploring new and innovative ways of generating funds in order to continue to address deeply entrenched social inequalities, " he added.

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RAY MURPHY BURSARY - FEE WAIVERS ANNOUNCED

UL (University of Limerick) have joined UCC, TCD, DCU and NUG to become the fifth Irish university to offer a fee waiver to students supported by the Ray Murphy Memorial Bursary.

Over forty bursary applications were received and are now being reviewed by the selection committee. The successful candidates will be notified shortly.

The Bursary was launched by Clann Credo - the Social Investment Fund and Philanthropy Ireland to encourage postgraduate research into philanthropy, social finance and related areas.

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REVAMP TRAINING WINS AONTAS STAR AWARD

Congratulations to the Revamp Training Project in the Longford EDI Centre who won an Aontas Star Award in the Leinster Local category in the 2010 Star Awards.

The Revamp Project is a social enterprise specialising in furniture recycling and reuse to reduce waste and provide training for young people who have been dependent on welfare.

Devised by the Longford Employment, Development and Information Centre with support from FAS and the Department of Social Protection, it is a tailor-made programme providing a mixture of learning and manual work.

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FREE SOCIAL ENTERPRISE WORKSHOP ANNOUNCED

The Wales Ireland Network for Social Entrepreneurship (WINSENT) will be hosting a free half-day workshop for social entrepreneurs in Dublin on Tuesday, 28 September (10am-1pm).

The purpose of the session, entitled “Sustainability, Succession, Strategy”, is to discuss the various “sustainability gaps” that many social entrepreneurs face during the start-up and expansion phases of their business; outline a systematic process for helping social entrepreneurs create appropriate succession structures and processes at management and board level; explain a strategy formulation and implementation process which will ensure corporate governance and commercial/social return on investment...

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NEW SOCIAL FINANCE PROVIDER APPROVES FIRST LOANS

A new Danish social finance provider, which offers loans to organic and biodynamic farms and fair trade, sustainable forestry or renewable energy projects in the Global South, has just approved its first four loans.

Merkur Development Loans plc (MDL) is a joint partnership between Merkur Cooperative Bank, an established and fully licensed Danish social bank and The Industrialisation Fund for Developing Countries (IFU). MDL was created to address a funding gap in the Global South for social enterprises that are too big to qualify for loans from micro-lenders and too small for commercial banks. The aim of the new venture is to lend to social enterprises, SME´s and cooperatives in the Global South, thus contributing to local development and employment. 

The Board of Clann Credo decided to invest in MDL after hearing of the venture through the International Association of Investors in the Social Economy. It hopes to transfer the knowledge gained from the venture to Ireland and involve Irish organisations with an interest in investing in the Global South.

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