Clann Credo is a social investment fund in Ireland that provides financing to social enterprises. It was formed in 1996 and has invested over €50 million in almost 500 projects. The document discusses the background of Clann Credo and provides examples of social enterprises in Ireland. It also summarizes recommendations and policies to further grow the social enterprise sector in Ireland, such as developing an enabling framework, increasing capacity, and revising public procurement policies.

1. Social Enterprise in Ireland
Jim Boyle, Head of Finance & Operations,
Clann Credo - The Social Investment Fund
10 October 2013
1

2. Converting Community needs into
Enterprising Solutions
• More than jobs
– support people to develop & acquire skills
– training (formal and informal),
– social outlets and networks for individuals who have been
isolated,
– meaningful employment and experience for vulnerable groups
young people, people with disabilities, ex-prisoners,
recovering drug users
• Overcomes market failures
• Flexible and responsive to local needs
• Innovative and creative

4. Background to Clann Credo
• Formed 1996
• Not-for-profit (Charitable tax exemption)
• Over €50m invested in almost 500
projects
• Fund size €25M
• Funded by Charitable Organisations &
Foundations by way of Investment (not
grants)

5. Forfás Report*
• Sector, currently employs between 25,000
and 33,000
• 1,400 social enterprises with a
• Total income of approximately €1.4 billion.
• Potential to double by 2020.
*Social Enterprise in I reland: Sectoral
Opportunities and P olicy I ssues, Forfás,
2013

6. Key Characteristics / Definitions
• Enterprises which;
–Trade for a social / societal purpose
–At least part of its income comes
from trading
–Separate from Government
–Surpluses are primarily re-invested
in the social objective.

7. Social Enterprise contd.
• Well-known examples include;
– Rehab,
– Coder Dojo;
– Jamie Oliver’s Fifteen Restaurant
Franchise
– The Big Issue;
– Café Direct;
– Grameen Bank (Bangladesh)

8. Sectoral Areas in Ireland
• Childcare
• Health & Eldercare Services
• Education, Employment Services &
Training
• Sports & Recreational Activity
• Environmental & Waste Management
• Tourism & Festivals
• Arts / Media

9. Examples - Tourism
• Allihies Copper Mine
Museum
• Waterford & Suir
Valley Railway

10. Examples - Tourism
• Copper Coast Geopark
•
Kerry Writer’s Museum

11. Other Examples
Castlerea Community Arts (Roscommon – Arts)
Belmullet Arts Theatre (Mayo – Arts)
Bonane Community Co-op (Kerry – Tourism)
Action against Addiction NE (Louth - Addiction &
Environment)
• Vantastic (Dublin – Disability)
• Speedpak (Dublin – Training & Employment Services)
• Community Enterprise Centres (various)
•
•
•
•

12. Social Enterprise Policy - EU Social
Business Initiative (October 2011)
• To exploit the full potential of SE sector.
• Address public policy at EU level to ensure level
playing field for SE’s.
• Noted that market imperfections constitute
barriers to SE to scale up and benefit from single
market.
• Review EU rules on procurement, state aid &
financial markets relating to SE’s.
•

13. Social Enterprise Policy - EU Social
Business Initiative (October 2011)
• Action Plan
–Improve access to funding
–Measures to improve visibility of SE’s
–Measures to Improve Legal Environment
• Financed by European Social Fund &
European Regional Development Fund.
• N.B. Lisbon Treaty prohibits discrimination
favouring one type of business over
another but Single Market rules can take
into account plurality of business models.

14. OECD
• Calls for
– More explicit focus on social enterprises
– Appropriate policy supports
• Social enterprise activity in em ploym ent
and training under-developed,
• Very few social enterprises w hich can
operate on a pure business m odel

15. Recommendations to Further Growth
• Development of an enabling framework
(Ireland is well behind other developed
countries in this area).
• Building up of capacity.
• Public Procurement Policy
• Funding & Finance
• Developing Leaders and Harness Community
Support
• Governance

16. Social Enterprise – promoting the
concept
Social Enterprise Longford
– 8 projects assisted
– Awards July 15th 2013
Social Enterprise & Entrepreneurship Task Force
• Government Policy
• Minister Appointed
16

17. Irish Social Finance Centre
• Commitment to an underserved area –
Inchicore, Dublin 8
• National hub for Social Enterprise &
Entrepreneurship Development
• Offices for Clann Credo

18. Social Impact Investing (SII)
Innovative financing mechanism
Focussed on areas of social need
Based on achievement of agreed outcomes
Uses private capital to fund interventions
Reward dependant on independent
verification of social outcomes
• Pro-active performance management
• Dividends and capital repaid to investors by
State on foot of achieved outcomes
•
•
•
•
•
18

19. © Clann Credo 2013
19

20. Social Investment
Private Capital
Social Purpose
• Religious Charities €10m +
• Social Finance Foundation €25m +
agreement with banks
 Community Organisations
Social Finance
Public Benefit
 €16.5m approved in 2012
 137 loans approved in 2012
 No viable project declined
20
 Voluntary Groups
 Charities
 Social/Community Enterprises
• No Exchequer funding
• Income covers Costs
• Supports State investments

21. Our People
BOARD
Tom Finlay (Chair); Jerry Butler (Vice
Chair); Gary Brennan; Magdalen Fogarty
(Founder); Colin McCrea; Maurice
O’Connell; Grace Redmond; Jim Rourke;
Paul Sullivan
EVALUATION COMMITTEE
Jerry Butler; Magdalen Fogarty; Martin
Coggins, Sheila Fox; Jerry Kivlihen; Philip
O’Connor
PROJECT SUPPORT COMMITTEE
Tom Finlay; Emer Ní Bhrádaigh; Ann Clarke;
Pat Leogue; Jim Rourke; Paul Sullivan
21
STAFF
Jim Boyle, Finance & Operations;
Susan Gallagher, Social Finance
Executive
Tracey Hannon, Social Finance Executive;
Angie Healy, Administration ISFC
Jennifer Hennessy, Social Finance
Executive
Paul O’Sullivan, CEO
Anne-Marie Woodfull, Administration
ADVISORS
Hugh Quigley - EU Affairs (Pro Bono)
Gert Ackerman - Communications
Ann Clarke - Social Impact Investment

22. Contact
Western Office:
Clann Credo
c/o Westbic
Lower Main Street
Foxford
Co. Mayo
Southern Office:
Clann Credo
Owennacurra Business Park
Midleton
Co. Cork
22
Head Office:
Clann Credo
The Social Investment Fund
Irish Social Finance Centre
Inchicore
Dublin 8
T: 01 400 2100
E: info@clanncredo.ie
W: www.clanncredo.ie

23. Thank you
Please stay in touch!
www.clanncredo.ie
23
Clann Credo Limited, a company limited by guarantee not having share capital with charitable status, CHY 13308: CRO No:
253147.