Funding: Community Finance Ireland has launched a £5 million fund aimed at sports clubs throughout
Following a summer where local sporting heroes made their mark at national and international level, Community Finance Ireland has launched a £5 million fund aimed at sports clubs throughout the island of Ireland.
The new fund will make flexible loans of £10,000-£500,000 available to sports organisations seeking to make a change in their local community whether that is to renovate changing or training facilities for their players and participants or to improve local infrastructure that makes their club grounds more accessible for the local community.
The fund recently launched at an online event, ‘Financial As Well As Physical Fitness Is Key To Success’, with panellists including Sinead Reel, Chairperson of Armagh Ladies’ GAA County Board, sports journalist for the Irish Times Joanne O’Riordan, and Irish Olympian Brendan Boyce who trains at the Community Finance Ireland funded Finn Valley Athletics Club in Donegal.
Here’s What You Need to Know
1. What loan product types are available?
Short term bridging loans to facilitate retrospective drawing of grant support (interest only, plus grant upon redemption).
Longer-term loans with bespoke repayment schedules.
2. What geography does the fund cover?
Northern Ireland, Ulster, Munster, Leinster and Connacht.
3. What is the loan range?
£10k – £500k (NI).
€10k – €500k (RoI).
4. What is the term range?
1 month – 180 months.
5. What is the interest rate?
Maximum 6.25%*, calculated on a reducing balance.
*The lowest maximum rate across the island.
6. Is there an arrangement fee?
*The only bridging product available across the entire island to do so.
7. What security is required?
None on bridging loans.
Most of our term loans are also unsecured.
No Personal Guarantees are required.
8. Is there an Early Repayment penalty?
9. How long does a loan decision take?
48 hours for any loan request of up to £/€200k once we have all of your final information.
Up to 4-6 weeks for loan requests in excess of £/€200k.
10. How do you apply?
You can get started now by clicking here and completing an online application.
Or if you need to chat to the team at Community Finance Ireland first, click here and they will arrange a follow-up call on where you and your team are located.