This member profile is part of our 20th anniversary series, highlighting a few of the member organisations that have inspired us through the years. View more such impact stories here.
What we do and with who:
Clann Credo provides loans for the community & voluntary sector, including community organisations, charities, sports clubs and social enterprises. Our loans are affordable with transparent interest rates and we understand the community sector because we're part of it. We don't ask for personal guarantees and there are no penalties for early repayment.
We help finance community ambition.
The impact we make:
Since 1996, Clann Credo has provided over €100 million to some 1,000 community projects throughout the country. These projects have supported thousands of jobs and helped transform the lives of individuals and communities. We support a huge variety of community led projects; community halls, sports facilities, tourism projects, community services for young and old, environmental sustainability project, social housing and more.
The changes we've seen in the sector over the last 10 years:
We have seen communities broadening the way they look at the issues facing their communities and become much more ambitious in their responses to community needs. This, in turn, has developed a greater willingness by community organisations to see the opportunities that loan finance can create, and they are more open to taking on debt in order to see their ideas come to life.
The key challenges facing the sector:
The community sector is increasingly challenged by the responsibilities placed on it by funders, policy makers and sector regulators. The requirement for written policies and procedures on every aspect of governance is a heavy burden for groups who rely on volunteers.
How you’ve engaged with The Wheel:
Clann Credo has been a member of The Wheel since its start, 20 years ago. We worked very closely with The Wheel when we shared offices in the Irish Social Finance Centre and saw first-hand how many benefits being a member of The Wheel could bring to our customers.
What motivated you to join the Board and what your experience has been:
Clann Credo is part of the community and voluntary sector, and I felt we had an obligation to contribute to the development of the sector; becoming a member of the Board was an effective way to do this. Clann Credo has benefitted by adopting the high standards of governance that The Wheel adheres to, so hopefully it’s a mutually beneficial relationship.