From: Department of Rural and Community Development (DRCD)

The Department of Rural and Community Development (DRCD) is providing Dormant Accounts funding to Round 3 of the Hybrid Social Finance Loan. Administered by Rethink Ireland and supported by Community Finance Ireland, the fund aims to build the capacity of start-up social enterprises that are first-time borrowers.

Further details can be found at Rethink Ireland’s website HERE.

This unique financial instrument will provide a combination of a repayable loan, a non-repayable loan (Cash Support) and capacity building business supports. DRCD has committed €890,000 to this fund. In addition, Community Finance Ireland will provide approximately €500,000 in repayable loans.

Each Award will include:

  1. A total loan of between €20,000 and €100,000 which includes
    1. 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.
    2. A non-repayable loan (Cash Support) for up to the same amount  upon delivery of agreed milestones. It will be paid in two installments, over a period of one year, at the start and end of the six-month capacity-building programme.

  1. Capacity building supports for the amount of €10,000 provided by Rethink Ireland which includes tailored Business support and a place on a six-month Rethink Ireland Accelerator Programme.

You can apply for the Hybrid Social Finance Loan via the online portal from Friday, September 27th 2024. This fund will close for applications once all the funds have been allocated.

 

Rethink Ireland are hosting Application Clinics where you can find out more, or to answer any questions that you have:

  • Friday 18th October from 12 pm to 1:00 pm
  • Thursday 24th October  from 12 pm to 1:00 pm
  • Friday 8th November from 12 pm to 1:00 pm
  • Friday 22nd November  from 12 pm to 1:00 pm

 

Please Note: If your application was unsuccessful in a previous round and you would like to be considered for Round 3, please contact the Fund team via email at hybridsocialfinance@rethinkireland.ie. Your social enterprise financial profile may have improved in the past year, increasing your chances of being awarded in this Round. The Fund Team will be able to guide you with this.