Longford community groups share in €110 million ethical investment

Longford Community Groups are among those nationwide who have been kept afloat by a €110 Million lifeline.

Community Finance Ireland CFI, the all island enterprise charity, has invested a total of €110 million in Irish community groups since 2001 on both sides of the border.

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This figure was revealed to the Minister of Finance Jack Chambers by CFI CEO Dónal Traynor at the European Conference of Ethical and Alternative Banks and Financiers (FEBEA) conference that took place in Croke Park last Friday, 27 September.

Mr Traynor, who has more than two decades’ experience in the ethical finance sector, said the money has been used to help a variety of not-for-profit organisations flourish, including faith-based groups, sports clubs, digital hubs and mountain rescue teams.

“Traditional lenders find it difficult to provide holistic credit facilities to the diverse community and voluntary sector, and to focus on the benefits of investing in people and communities rather than the bottom line and profit margins,” he said.

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“Traditional lenders find it difficult to provide holistic credit facilities to the diverse community and voluntary sector, and to focus on the benefits of investing in people and communities rather than the bottom line and profit margins,” he said.

“And most senior bankers in the traditional sector would have a few sleepless nights if, like CFI, a quarter of their loan book was unsecured.

“However, they would be extremely envious of our default rate which is just below 0.5% of all loans since we began lending in the Republic in 2008.

“This is because of the emphasis we place on trust and the strength of the relationships we build with the organisations we work with. Our support goes well beyond a figure in a chequebook.”

CFI, he added, was committed to creating “a world-class community finance system that works tirelessly towards ensuring that positive social impact can be made possible in communities on both sides of the border”.

This is the first occasion FEBEA, established in 2001 and representing 33 ethical finance institutions from 15 European countries, has held its annual meeting in Ireland.

In his opening remarks, Minister for Finance Jack Chambers TD said he was delighted to welcome FEBEA and its members to Ireland for their annual conference.

“Ethical loans are a well-established way to provide funding to voluntary groups in Ireland. I am sure we can learn even more from our European counterparts through FEBEA,” he said. 

“Ethical financiers like Community Finance Ireland provide a valuable source of support for organisations seeking to make an impact in their community.”