Hybrid Social Finance Loan 2023 – 2024 Opens for Applications
Are you a Social Enterprise that is looking to increase your financial sustainability and develop a credit record? 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.
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.
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 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)
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 19 October at 12 pm: register
- Friday 10 November at 12 pm: register
- Thursday 23 November at 1 pm: register
The deadline for applications is 8 December 2023 at 1 pm via the Rethink Ireland website.
Questions can be also directed to hybridsocialfinance@rethinkireland.ie
