Dickson Hails New All-Island Recovery Loan Fund for Community Sector

East Antrim Alliance MLA, Stewart Dickson, has welcomed an announcement from Community Finance Ireland of a £/€10 million All-Island Recovery Loan Fund. The fund will offer flexible loans of £10,000-£250,000 (NI) and €10,000 to €500,000 (RoI) to community sector organisations including faith-based groups, sports clubs and social enterprises.

Commenting on the launch, Mr Dickson said: “During the pandemic we have been unable to interact with our community groups in the usual way, yet the sector has shown great resilience in the face of such hardship, acting in innovative and alternative fashions to ensure their vital role is persevered.

“This All-Island Recovery Loan Fund is an excellent opportunity for community organisations across Ireland to not only recover, but to build back stronger than ever before for the sake of the local community.”

The All-Island Recovery Loan Fund supports longer term loans plus shorter-term bridging loans. There are no time restrictions around funding and applications will be responded to within 48 hours of receipt.

What loan product types are available?

· Short term bridging loans to facilitate retrospective drawing of grant support (interest only, plus grant upon redemption).

· Longer term loans with bespoke repayment schedules.

What geography does the fund cover?

· Northern Ireland, Ulster, Munster, Leinster and Connacht.

What is the loan range?

· £10k – £250k (NI).

· €10k – €500k (RoI).

What is the term range?

· 1 month – 180 months.

What is the interest rate?

· Maximum 6.25%*, calculated on a reducing balance.

· *The lowest maximum rate across the island.

Is there an arrangement fee?

· No*

· *The only bridging product available across the entire island to do so.

What security is required?

· None on bridging loans.

· Most term loans are also unsecured.

· No Personal Guarantees are required.

Is there an Early Repayment penalty?

· No.

How long does a loan decision take?

· 48 hours for any loan request of up to £/€200k once all final information is gathered.

· Up to 4-6 weeks for loan request in excess of £/€200k.

How do I apply?

· You can get started now by clicking here and completing an online application. · Or if you need to chat first click here