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Clann Credo
Clann Credo is a Social finance, Social Investment Fund in Ireland founded by Sr Magdalen Fogarty and the Presentation Sisters in 1996. Its goal is to make capital available to community-focused enterprises to promote their growth. Whilst the model of Social Finance was a well-developed one in the United States, with a capacity of almost $1.8 billion by 2000, at the fund's inception in 1996 there were no such funds in Ireland. The fund is a not-for-profit organization with charitable status. The Presentation Order funded a pilot project to test the alternative investment model the sisters had in mind. The Presentation Sisters advanced Greencaps £12,000, which was quickly paid back with interest. Greencaps Workers Cooperative creates jobs in Dublin Airport for young unemployed people from Ballymun, which is still trading as of 2009. The success of this pilot led to the formation of Clann Credo in 1996. As of 2008 over €17 million cumulative has been placed with projects, and the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Finance
Social finance is a category of financial services that aims to leverage private capital to address challenges in areas of social and environmental need. Having gained popularity after the 2008 financial crisis, it is notable for its public benefit focus.Organisation for Economic Co-operation and Development. �New investment approaches for addressing social and economic challenges.�� ''Science, Technology and Industry Policy Papers''. By Karen Wilson, 1 Jul 2014, pp. 41-81. Mechanisms of creating shared social value are not new; however, social finance is conceptually unique as an approach to solving social problems while simultaneously creating economic value. Unlike philanthropy, which has a similar mission-motive, social finance secures its own sustainability by being profitable for investors.Canada, Department of Employment and Social Development''Harnessing the power of social finance''.2 May 2013, pp. 10-26. Capital providers lend to social enterprises, who in turn, by investi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
