Immediate release: 1 February 2010
Issued by Clann Credo
UNITED NATIONS COMMENDS IRISH FINANCE PROVIDER
Clann Credo, an Irish non-profit organisation that provides loan finance to social enterprises and community projects, was today commended by the United Nations in New York at the launch of an international report on social inclusion.
Clann Credo is one of only 14 non-profit organisations selected from 190 projects based in 60 countries to present their work at the one-day Civil Society Forum, which precedes the 48th Session of the UN Commission for Social Development. The organisation is also cited in the Commission’s report for "promoting best practices of social integration/inclusion".
The organisation, which has offices in Dublin, Cork and Mayo, provides repayable finance to social enterprises and community projects that find it difficult to obtain loans from mainstream financial institutions. Moreover, unlike mainstream lenders, Clann Credo evaluates loan applications on their potential to make both a social AND financial return.
Since it was established in 1996, with capital provided by the Presentation Sisters, Clann Credo has invested over €20m in 200 community and voluntary groups in Ireland, Kosovo, Slovakia and South Africa.
The organisation’s founder, Sr Magdalen Fogarty says 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, many non-profit organisations are finding it very dificult to access finance,” she said.
She added that social finance provides an ethical model of lending which helps to build a more inclusive society. “We are delighted that an influential body, such as the UN, acknowledges the work Clann Creddo does to promote social integration and inclusion in Ireland and beyond,” she said.
NOTE TO EDITORS:
Sr Magdalen Fogarty, a Presentation Sister and founder of Clann Credo, is available for interview. Contact Gert Ackermann on mobile: 086 176 9287, or email: gert@clanncredo.ie.
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