Social finance an option for churches says UCIT
Howard Lake | 30 June 2017 | News
Churches and faith groups in Northern Ireland are missing out on funding opportunities to support new and existing projects according to a local social finance organisation.
“Faith groups have traditionally relied upon donations, high street banks and grants as a funding model, but with grant levels declining and reduced capacity from banks to support the sector, we’re encouraging groups to think about social finance options from Ulster Community Investment Trust (UCIT),” said UCIT director Phelim Sharvin.
UCIT, which is both a regulated financial company and a registered charity, has provided loans to over 400 organisations in the past 16 years. UCIT manages a £12m loan book for community and voluntary groups, and social enterprises, including faith-based organisations.
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Mr Sharvin said in recent years the way in which churches and faith groups have sought to practically serve their communities has changed and in many instances groups have set up social enterprises providing social housing, childcare facilities, community spaces and employability programmes.
“We’ve supported a number of faith-based projects, but stand ready to support more,” Mr Sharvin said.
UCIT said it had supported the Elim Trust Corporation to provide affordable housing and childcare projects in Newtownabbey and Carryduff.
“The project is an important part of our ministry and is a practical demonstration of our commitment to the community. Without the social finance and advice provided by UCIT it would have been very difficult to make this ambition a reality.” Rev. Robert Ginn said.
UCIT said it can provide funds for a range of purposes, including buildings and repairs, renewables and energy efficiency, debt restructuring, bridging finance and start-up costs.
Watch: UCIT loans explained
Social finance news
- How my social enterprise has raised finance and generated income (28 November 2019)
- Good Finance offers social investment resource for charities and social enterprises (12 April 2017)
- Social Enterprise Support Fund to reopen with £16.3m available (11 November 2021)
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.