Home — Social Enterprise — Hybrid Social Finance Loan 2023 – 2025
The Hybrid Social Finance Loan is a new financial instrument in Ireland aiming to build the capacity of social enterprises that are first-time borrowers by providing a mix of a loan that must be paid back, along with a non-repayable loan and business supports. The Department of Rural and Community Development via the Dormant Accounts Fund has committed €890,000 for this Fund. In addition, Community Finance Ireland has committed approximately €500,000 in repayable loans. A total of 6 projects have been awarded to date from Rounds 1 & 2
Social Enterprises have difficulty accessing regular loans because there aren’t enough financial options that are designed specifically for them. This makes it difficult for them to be ready for investments. Studies show that these businesses don’t have enough resources to meet their various and changing needs as they grow. The Hybrid Social Finance loan aims to tackle these gaps following extensive research on financial instruments for social enterprises in Ireland and consultation with the sector.
Dóchas Midwest Autism Support provides support to children and adults with Autism and their families in the Mid-West region. This project will address the unemployment issue that exists for the Autism Community by creating training and employment opportunities in a supportive environment. The support on offer will include life skill development, education, training, voluntary work and paid positions. There will be external employment opportunities provided for when participants feel ready to progress to the next stage of their working journey.
Siul Eile brings communities together to form walking programs and challenges in their own community. This project will focus on participants in rural areas including harder-to-reach participants. These walking programs are designed to help communities live quality healthy lives, socialise together and combat isolation.
Siul Eile’s model has proven to improve fitness, physical health, mental health and an increased sense of personal achievement.
Clean Slate is a Social Enterprise that was set up in 2021 to support those with experience of the criminal justice system to access employment. A core objective of Clean Slate is to create jobs for people who have experienced prison or probation and find it difficult to secure employment. It offers an opportunity to get real work experience and training. It provides meaningful work that helps promote self-esteem.
“This award will enable Clean Slate to grow and scale as a social enterprise. It will allow us to invest in much needed equipment to expand the business. It would mean we can pitch for more work and ultimately grow the business providing more opportunities for people who are wanting to get back into employment.”
-Sharon Keogh, Executive Manager, Clean Slate Property Services
GORM is an intercultural consultancy and award-winning social enterprise on a mission to unify across differences and advance belonging for marginalised communities. Our vision is to spark a movement of unity and shared understanding through a unique blend of expertise in intercultural training and consultancy, and digital media, to which the hybrid social finance loan will allow us to create our digital learning platform.
“Being an awardee of this fund will not only allow us to invest into our growing team, but it will give us the capacity to focus on our business development, particularly in digitising our services for organizations keen to put in effect evidence based practices for building a more unified Business.”
-Mambo Ogoro, CEO, GORM
Range Therapy makes lower-cost second-life EV battery packs available for upgrading EVs, or as energy storage units for homes and farms and small businesses. We provide the end to end products and services and support for these second-life battery packs which allow you to fully avail of day-time solar and/or low cost night-time electrical energy for your home or business.
“After 100 years of ever-growing dependence on imported fossil fuels to meet our energy needs, we now have a clear choice – to use clean Irish energy for transport, home electricity and home heating and our businesses.
Our goal is to empower you to make this choice and to make that choice affordable and accessible to you. Thus our goal is to transform Irish citizens from being passive consumers of polluting imported energy to be adept managers of clean Irish energy – “generate power not pollution”.
– Barry McMahon, Co-Founder, Range Therapy
Rise at the Cove, located on Greystone seafront, is a social enterprise connected to Tiglin Carraig Eden, a housing project supporting individuals in addiction recovery. We provide employment and barista training to help these individuals reintegrate into the community and overcome addiction stigma. Our café emphasizes local suppliers, creating mutual support. We strive to break down barriers associated with addiction, homelessness, and long-term unemployment, fostering inclusive community engagement.
“Having ongoing support from Rethink Ireland creates a world of difference for social enterprises such as Rise at the Cove. Both the financial support and the practical mentorship have helped us to expand our ability and provide additional employment integration opportunities for those who have been displaced by homelessness, war, or substance abuse.”
-Phil Thompson, CEO, Rise at the Cove
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