In February 2007 the then Minister for Finance, Mr. Brian Cowen, T.D. launched the Social Finance Foundation (SFF), a wholesale Social Finance initiative with seed capital funding of €25 million provided by the banking sector through its representative body, the Irish Banking Federation (IBF).

Social Finance involves the provision of repayable loan finance at affordable rates to community-based projects and local development initiatives (including individual and community micro-enterprise), which yield a social and financial return.

In 2009, participating financial institutions approved a loan agreement with SFF, through which they would make €72 million available in loans over the next 12 years at very competitive interest rates appropriate for social finance.  The aim of the loan agreement is put in place to establish the SFF on a sustainable, long-term footing.

Banking sector support has enabled SFF to approve to date more than €17 million in loans for community-based projects and micro-enterprises all over the country.

Organisations which can demonstrate the capability to undertake social finance lending have been invited to apply to the Social Finance Foundation for access to this additional funding.

Further information on the Social Finance Foundation, including how to apply, is available at the Social Finance Foundation website www.sff.ie.