Projects must meet both Rethink Ireland’s criteria and the specific criteria for the Hybrid Social Finance Loan, as set out below:

The Hybrid Social Finance Loan Core Criteria 

• Social enterprises (please refer to the “What is a social enterprise?” subheading below)
• First-time borrower as a social enterprise and unattractive to mainstream traditional finance
• Must be up and running
• Have some trading record and be able to demonstrate traded income to date
• Have repayment capacity to repay the repayable loan provided by Community Finance Ireland 
• Can demonstrate tangible and measurable social impact

Rethink Ireland Criteria 

• The project must address a critical social or environmental issue
• The project must be innovative in an Irish context
• The project must be based on the island of Ireland and make its main impact in the Republic of Ireland.
• The project must have the potential and desire to scale or replicate in Ireland.
• The project must provide evidence that it is up and running, or be tested at least in a minimal way.
• Applicants must come from an entity that has a not-for-profit legal form, e.g. a company limited by guarantee, a trust, a co-operative or other not-for-profit legal forms*

Rethink Ireland defines a not-for-profit as any organisation whose constitution indicates it has public benefit purposes and is neither privately owned nor controlled by the State.

*If you have a different legal form, but your business model fits under the definition of a social enterprise specified below, we may be able to support you. Please contact hybridsocialfinance@rethinkireland.ie  if you have any questions.

Advantageous criteria 

The criteria below will be considered advantageous in applications, however, organisations that  meet the core criteria but do not meet the advantageous criteria are encouraged to apply. 

Projects incorporating any of the criteria below in their application will have an advantage:

• Social enterprises that are start-ups
• Social enterprises that have less than 5 years of trading

What is a social enterprise?

Definition as per the National Social Enterprise Policy 2024 – 2027:

A social enterprise is an enterprise whose objective is to achieve a social or environmental impact, rather than maximising profit for its owners or shareholders. 

It pursues its objectives by trading on an ongoing basis through the provision of goods and/or services, and by reinvesting surpluses fully or primarily into achieving social objectives.

It is governed in a fully accountable and transparent manner and is independent of the public sector. If dissolved, it should transfer its assets to another organisation with a similar mission.

Which projects cannot apply?

Projects that are not eligible to apply are:

• Projects seeking to use the non-repayable loan for capital assets (such as buildings, vans or large equipment) or to pay off debts (please see “What can the Hybrid Social Finance Loan be spent on?” in the Award Details section for more information)
• Projects where research is the primary activity
• Projects promoting or aligned with a political party
• Projects that only accept participants of a particular faith or religious denomination
• Projects focused on animal welfare
• Projects based outside the Republic of Ireland
• Projects led by people under 18 years of age
• Projects that are an idea (only) and that have not yet started

Which applicants cannot apply? 

Applicants that are not eligible to apply are:

• Social enterprises that are not first time borrowers, i.e. existing debt holders
• Applicants under 18 years of age
• Commercial companies, sole traders and individuals
• Any staff member from Rethink Ireland and their family members. Family members include siblings, parents, spouses or civil partners or children.
• statutory or public bodies, companies limited by shares and organisations that are state bodies or agencies that are not registered charities as well as unincorporated associations that are not registered charities
• Any consultant currently working with Rethink Ireland

If my organisation has previously received an award from Rethink Ireland, can I still apply?

Yes. If you have previously been funded by Rethink Ireland, you can still apply. Previous awardees must be able to demonstrate they have performed well on a previous programme and capture in the application form how the new funding being applied for is a logical continuation from the original investment, fitting the new Fund criteria in particular.

If my organisation is currently in receipt of an award from Rethink Ireland, can I still apply?

You can apply with a different project from the one currently being funded by Rethink Ireland. You will also need a different project lead. 

Can I apply for this funding even though I am still in the ideation stage? 

Unfortunately no, your social enterprise must be able to demonstrate some traded income to date. Please check our website to see if the Business Course is open for applications as this offer is more suitable for you at this time.  

Is this just for large-scale, national organisations?

No, it is not, and indeed we welcome applications from all social enterprises. Please review the criteria and definition of a social enterprise above. 

What do you mean by innovation?

At Rethink Ireland, we define social innovation as the successful delivery of new approaches to meet social needs more effectively and sustainably than those currently available. It can include existing work which is done in creative, different, and dynamic ways, or in a new locality.

Just as innovation is necessary for economic growth, we believe innovation is critical to societal and economic progress. 

If my organisation is funded by a Government/state agency (HSE, TULSA etc) are we eligible? 

Yes, you can apply if you are in receipt of funding from a government or state agency. However, If more than 50% of your board is nominated by the Government your organisation is ineligible for funding.

The Hybrid Social Finance Loan offers social enterprises a combination of a loan that must be repaid, a non-repayable loan (cash support) and a business support package, to help them enhance their financial sustainability and increase their social impact.

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.
• Capacity building supports to the value of up to €7,700 provided by Rethink Ireland which includes:
  • Bespoke business and capacity building support focusing on improving the investment readiness of the selected social enterprises, tailored to the specific needs of each social enterprise and carried out by expert consultants on topics such as strategic planning, maximising your impact, communications, storytelling and fundraising.
  • Access to our Rethink Ireland’s Accelerator Programme equipping awardees with the skills needed to expand and deepen their impact, delivered by best-in-class experts across the private, nonprofit and public sector

What can the Hybrid Social Finance Loan be spent on? 

The non-repayable loan provided by Rethink Ireland may be used to cover operations/staff costs (working capital) and up to 50% on equipment. It cannot be used to pay off debts or for large capital assets such as buildings, or for vehicles, land or large equipment.  

The repayable loan provided by Community Finance Ireland can be spent in line with the social enterprise’s needs, including capital investments, following approval from Community Finance Ireland. Applicants will submit a budget as part of their application and must be able to demonstrate in your application how this is facilitating your social enterprise. 

What is expected of Awardees?

Awardees are expected to participate in a 6-month Programme with Rethink Ireland and achieve the agreed  goals and milestones. The project lead will be expected to take part in the Accelerator Programme, which includes attending approximately 6 workshops and spending time working 1:1 with a business/strategy consultant. 

By applying for The Hybrid Social Finance Loan, you agree to the following terms and conditions.

• You are 18 years of age or older.
• You have given full and truthful information, both verbal and written, at all stages of the application and selection process. 
• You are eligible to apply. This means that your organisation meets the criteria for Rethink Ireland and the specific criteria for the Hybrid Social Finance Loan.
• You have the right to apply. This means that you hold the necessary rights to carry out the project.
• By sending in your application, you accept these terms and conditions and our Privacy Statement. If you do not comply with these terms and conditions, you may be disqualified and may have to return any award granted.
• Rethink Ireland will hold the personal details which you submitted with your application form. We will only share this information with the third parties administering the application and selection process unless we agree otherwise with you. Please see our Privacy Statement for full details.
• The Awardees must take part in publicity about the grant. Rethink Ireland reserves the right to publish the names of organisations that are successful in their applications.
• If you decline an award or if the award is taken back because you did not comply with the terms and conditions, the Directors may select an alternative Awardee.
• Rethink Ireland reserves the right to disqualify any entrant, to change the terms and conditions without notice, or to cancel the application process at any stage.
• Rethink Ireland staff (excluding board members) and Donor/s, their family members and consultants currently working with Rethink Ireland are not eligible to apply. Family members include siblings, parents, spouses or civil partners or children. 
• You consent to the Government of Ireland Statement on Public Finances if selected as a winning applicant.
• If awarded, you must sign a contract with Rethink Ireland and a loan letter with Community Finance Ireland in order to avail of the non-repayable loan. Both letters should be signed by the Chairperson of your social enterprise. 
• The second payment of the non-repayable loan will be paid after six months of signing the contract subject to drawing down of the repayable loan provided by Community Finance Ireland and achievement of agreed milestones with Rethink Ireland.