Immediate release: 4 January 2010
UNITED NATIONS TO COMMEND IRISH CHARITY
An Irish charity that provides repayable finance for community and voluntary projects is to be commended in a forthcoming United Nations (UN) report for promoting social integration and inclusion.
Clann Credo was one of only 14 organisations selected from 190 projects based in 60 countries. Examples of the organisation’s work are to be included in the UN NGO Committee for Social Development’s Report, which will be distributed among Member States delegations of the United Nations Commission for Social Development and the related individuals in the UN Secretariat.
Moreover, Clann Credo will present its work at the One-day Civil Society Forum, which precedes the 48th Session of the UN Commission for Social Development, scheduled to take place from 2-12 February 2010 at the UN Headquarters, New York.
The charity, which has offices in Dublin, Cork and Mayo, provides repayable finance to community and voluntary organisations and charities that find it difficult to access funding from mainstream financial institutions. Others choose Clann Credo as their lender of choice because they identify with the organisation’s philosophy and aims.
“Clann Credo evaluates loan applications on the basis of their potential to make both a social and financial return,” said Sr Magdalen Fogarty, founder of Clann Credo.
Over 20 religious charities have provided capital to Clann Credo since it was established in 1996 with initial seed funding from the Presentation Sisters. It also receives loan finance from the Social Finance Foundatio. Clann Credo has invested €20m in 160 community and voluntary groups in Ireland, Kosovo, Slovakia and South Africa.
Sr Magdalen added that the recession has led to a sharp rise in the demand for social finance: “At a time when most banks are not even lending to established businesses, social finance provides an ethical model of lending which helps to build a more inclusive society,” she said.
NOTE TO EDITORS:
Sr Magdalen Fogarty, a Presentation Sister and founder of Clann Credo, is available for interview. Presentation Sisters, Ireland, provided the seed capital for Clann Credo. Since then over 20 congregations have committed additional capital. Contact Gert Ackermann on mobile: 086 176 9287, or email: gert@clanncredo.ie. For more information visit www.clanncredo.ie.
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