Clann Credo - Community Loan Finance has announced a €10m Community Sports Loan Fund to support clubs and communities at local level seeking to avail of the government’s 2021 Sports Capital and Equipment Programme, for which applications close on March 1 next.
Among the clubs that have benefited in Kilkenny are Mooncoin Celtic Football Club, who obtained a long-term lease on 4.6 acres at Suir Crescent, Mooncoin in 2017, giving the club a permanent home for the first time. The club set about planning and fundraising to develop state-of-the-art facilities and secured Sports Capital Programme and Kilkenny County Council grant funding to bring the site into use.
Clann Credo provided a ‘no personal guarantee’ term loan to enable the club complete the required works. They also provided a bridging loan against the Sports Capital Programme grant, which can only be drawn down once associated works have been completed and paid for.
‘Having started with the simple application process with Clann Credo and securing funding from them once successful with our grant applications, we are now on the verge of moving into our new development which future generations can enjoy,’ says chairperson Kevin Dobbyn.
The government’s Sports Capital Fund application requires clubs and community groups to show evidence of own funds but pressure on income and fundraising restricts or delays expansion at many clubs. A community loan offer from Clann Credo is acceptable as evidence of own funding and can significantly boost your scoring in the application.
The Clann Credo loan approval is provided in the format required by the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.
A major plus of Clann Credo loan approvals is that personal guarantees are never sought from the volunteers involved. Instead, approval is granted based on the repayment capacity and community benefit that will accrue from the project.
Roisin Mulligan, Kilkenny Clann Credo Finance Executive, said that “local sports clubs provided an enormous contribution to community solidarity and endeavour during Covid-19, utilising their skills, resources and energy to support individuals and families in need.
“Clann Credo also understands the essential engagement by sports clubs with disadvantaged young people in our communities, on giving older people meaningful ways to contribute and generally providing an inclusive welcome.
“Our €10m Community Sports Loan Fund will assist sporting groups who may not be able to borrow on reasonable terms without the need for personal guarantees,” Roisin Mulligan said.
Clann Credo is Ireland’s leading Community Loan Finance provider and is a registered charity. It has supported over 250 amateur sports organisations, including GAA; Judo; Soccer; Boxing; Watersports; Archery; Baseball; Gymnastics and community field sports.
Further information on Clann Credo’s sports loan fund is available at www.clanncredo.ie.