From Rethink Ireland: https://rethinkireland.ie/current_fund/hybrid-social-finance-loan-round-3/
The Hybrid Social Finance Loan is a new financial instrument in Ireland that aims to support social enterprises to develop a credit record and enhance their financial sustainability. It provides a mix of a loan that must be paid back (interest rate applicable), along with a non-repayable loan (cash support) and business supports. To be eligible, social enterprises must be first-time borrowers and meet all eligibility criteria. Please check the “Who can apply” section below for more information about the requirements.
The initiative is led by Rethink Ireland, Community Finance Ireland and the Department of Rural and Community Development via the Dormant Accounts Fund. The Department has committed €890,000 for this Fund. In addition, Community Finance Ireland will provide approximately €500,000 in repayable loans.
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Open call on a rolling basis
Applications open on a rolling basis from September 27th, 2024. This means there is no specific deadline for applying. However, we encourage social enterprises to apply early as we will close for applications once all the funds have been allocated. A total of €550,000 is available for loans (combining repayable and non-repayable loans) for Round 3.
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 (hybridsocialfinance@rethinkireland.ie) as 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.
Award details
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 on terms appropriate to the social enterprise sector.
- A non-repayable loan (cash support) for up to the same amount provided by Rethink Ireland. This will be paid in two instalments: at the start, once your contract and loan letter have been signed, and after six months with payment subject to drawing down of the repayable loan provided by Community Finance Ireland and achievement of agreed milestones with Rethink Ireland. Rethink Ireland’s Board will make the final decision on the non-repayable loan amount.
- Business supports up to the value of €7,700 provided by Rethink Ireland which include consultancy support and a place on our Rethink Ireland Accelerator Programme.
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- Business supports are tailored to the needs of each organisation. This is facilitated by expert consultants.
- Rethink Ireland’s Accelerator is a unique programme, equipping awardees with the skills needed to expand and deepen their impact. It provides training from best-in-class experts across the private, nonprofit and public sectors. Training is provided across a range of functions and may include Impact Management, Communications, Sustainability and Strategy, Equality, Diversity and Inclusion.
Support available for applicants during the open call:
Application clinics with an educational component on repayable loans: During an application clinic you will learn more about the Hybrid Social Finance Loan, the eligibility criteria and how to apply. Content will also cover how to assess if your social enterprise is ready to take on a repayable loan and guidance for selecting an appropriate loan amount. Application clinics will be delivered on the following days:
- 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
- Thursday 28th of November from 12 pm to 1:00 pm
To register to any of these dates, please register using this calendly link.
Are you ready to apply?
You can apply for the Hybrid Social Finance Loan via the online portal from September 27th, 2024. This open call is on a rolling basis, it will remain open until all awards are allocated.
Do you have any questions?
Please contact the Fund Team at hybridsocialfinance@rethinkireland.ie