Interest-free loan launched to support Limerick people in need

A NEW interest-free loan scheme has been introduced to support people on low incomes in Limerick and the region.

Limerick Enterprise Development Partnership (LEDP), a charity aimed at driving social regeneration, has announced a new product, which was originally administered by Good Shepherd Microfinance.

The scheme, provides loans of up to €1,500 interest-free to those in most need of short term financial support.

The aim of it is to reduce financial exclusion and give people the opportunity to purchase essential household items, or an immediate service, that improves their quality of life or enhances social and economic participation.

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LEDP chief executive Niall O’Callaghan said: “This initiative reflects LEDP’s ongoing commitment to acting as a catalyst for social inclusion and opportunity across the Mid-West. We know that many individuals are struggling to pay for basic goods and services, often in challenging circumstances. This no-interest loan scheme is about backing those individuals, and aims to enhance the dignity and respect of the individual while helping them gain some form of financial control and empowerment in their lives.”

The scheme operates on a client referral basis only, where partner organisations refer the individual client to the scheme in circumstances where otherwise they do not have access to fair and affordable credit.

Partner organisations include Doras, Bergerie Trust, Adapt Services, Community Law and Mediation, Limerick Social Services, Focus Ireland, The Irish Refugee Council, Moyross Community Hub, Our Lady of Lourdes CSG, North Star Family Project, St Munchin’s Community Centre, UL Access Campus, Barnardos, Tait House, Southill Hub, and Good Shepherd Ireland.

As part of the assessment process, LEDP will provide non-judgemental guidance to those who are looking for finance.