Rethink Ireland will award up to 20 social enterprises through the Hybrid Social Finance Loan.
If you are a first-time borrower Social Enterprise in Ireland seeking finance to build capacity and develop vital services you provide in Irish communities, then the Hybrid Social Finance Loan may work for your organisation.
Social Enterprises across the country are being encouraged to apply to Rethink Ireland for the Hybrid Social Finance Loan.
Rethink Ireland, in collaboration with Community Finance Ireland, and the Department of Rural and Community Development via the Dormant Accounts Fund, have introduced the second open call for applications to their Hybrid Social Finance loan.
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The scheme is aimed at supporting up to 20 social enterprises that are first-time borrowers. This fund will offer a mix of a loan that must be paid back, along with a non-repayable loan and business support.
The Department of Rural and Community Development via the Dormant Accounts Fund has committed €890,000 for this scheme. In addition, Community Finance Ireland will provide approximately €500,000 in repayable loans.
A key requirement for applicants is that their social enterprise must not have borrowed money before.
Each Award will include:
- A repayable loan between €10,000 and €50,000 provided by Community Finance Ireland (which can be financed over five years at a competitive rate)
- A non-repayable loan [grant] for up to the same amount provided by Rethink Ireland (between €10,000 and €50,000)
- A business supports package for the amount of €10,000 (which includes one to one consultancy supports and Accelerator workshops)
Commenting on the announcement, Rethink Ireland CEO, Deirdre Mortell said: “We are delighted to be extending our offer to social enterprises by adding this Hybrid Social Finance Loan. With this mix of a loan that is a non-repayable loan [grant], along with a loan that must be paid back, complete with investment readiness supports, we are proud to be supporting the next generation of initiatives that will continue to improve Irish communities.”
“Community Finance Ireland welcome the opportunity to support social enterprises with a further open call for the Hybrid Social Finance Loan. The initiative brings into sharp focus the latent potential resting within the current eco-system and the benefits of engaging in constructive collaboration.”
Donal Traynor, group CEO, Community Finance Ireland
There are three upcoming digital Q&A sessions for potential applicants to attend where you can speak to a member of the Rethink Ireland team and learn more about this scheme:
Upcoming Q&A sessions:
Thursday 19th October at 12 pm: register
Friday 10th November at 12 pm: register
Thursday 23rd November at 1 pm: register
The deadline for applications is the 8th of December 2023 at 1 pm via the Rethink Ireland website.
Questions can be also directed to hybridsocialfinance@rethinkireland.ie
Testimonial from Anne Maher, Managing Director at the Urban Co-op, Rethink Ireland Awardee
“We obtained a loan from Community Finance Ireland in 2020 to meet the increasing demand for our goods and services during the pandemic. It enabled us to increase our stock significantly.
As a growing social enterprise we were initially uneasy about the responsibility of a loan in the uncertain times but in many ways it has helped us not only to grow but to mature in our understanding of finance and how we can help each other to scale impact. The Hybrid Social Finance Loan is a fantastic idea which will give that shot of confidence and responsibility to those social enterprises at the pivotal stage of growth.”
