Accessing Finance

							    ICSH Finance Seminar
“Understanding Housing Finance”


    Accessing Finance

       Tracey Hannon

     Social Finance Executive
Clann Credo- The Social Investment
               Fund
    Clann Credo – the Social
    Investment Fund
•   Social Investment - finance which seeks a
    social return as well as financial return
•   Established 1996
•   Charitable Status
•   Dublin, Cork, Mayo
•   Invested in over 200 projects since 1996
•   In excess of €20m invested cumulatively
•   Social Finance Foundation & Charities
Social Housing Projects
Ardara Sheltered Housing Association
(Donegal)
Muff Housing Association (Donegal)
Cuan Modh Day and Community Centre
(Mayo)
Four Mile House VHA (Roscommon)
Clár ICH (Mayo)
Kilmaley VHA (Clare)
Tulsk VHA (Roscommon)
Rathmore Social Action Group (Kerry)
Daisyhouse (Dublin)
Key Finance Requirements

Finance to purchase site
Bridging Finance against grants due
Finance for communal facilities
Financial Products

Short term bridging loans
Finance to purchase land banks
Long term loans for communal
facilities
Finance as appropriate to the applicant
project
Financial Products (cont.)

Amounts financed from €5,000 to €1m
Interest rates 5% to 6%
Collateral maybe taken as security (if
appropriate and/or available)
Terms up to 17 years
Capital repayment moratoriums
available for up to 2 years
Difference to Mainstream

Mission
Interest in the project
Flexibility in devising product for client
Linkages with similar projects
Knowledge of the sector
No personal guarantees
No early redemption fees
Application Process/Criteria
Term Loan
Business Plan
3 year projected accounts
Other supporting information eg copy of
grant approval, cost of project etc
Evaluation Committee
Board
Letter of Offer
Legals (if applicable)
Funds disbursed
Application Process/Criteria
Bridging Finance
Business Plan/Proposal
Other supporting information eg copy of
grant approval, cost of project, purpose
of bridging loan etc
Evaluation Committee
Board
Letter of Offer
Legals (if applicable)
Funds disbursed
Cuan Modh Day and Community Centre - Newport, Co Mayo
 Clann Credo and Social
 Housing

 In excess of €5m invested in Social Housing
Projects in Ireland
 Finance solutions for the social housing
sector with the ICSH
 Contact Details
Head Office: Irish Social Finance Centre, 10
Grattan Crescent, Inchicore, Dublin 8 Tel: 01
453 2100 Email: info@clanncredo.ie (Jennifer
Hennessy)
West/Midlands Office: c/o WESTBIC, Lower
Main Street, Foxford, Co Mayo Tel: 094
9060679/087 6488390 Email:
traceyhannon@clanncredo.ie (Tracey
Hannon)
Southern Office: Tel: 087 2451470 Email:
jim@clanncredo.ie (Jim Boyle)