UCIT (Ireland) Ltd has launched a new drive to encourage social enterprise and development across Ireland by unveiling a €25 million fund with the Social Finance Foundation to enable social ventures to expand and grow.

The seed capital fund, the largest of its kind in Ireland, will enable community organisations and social enterprises to fund projects or local development initiatives with loan finance provided at favourable lending rates. The finance will be made available through UCIT (Ireland) Ltd, which has recently been accredited as a specialist social lending organisation by the Social Finance Foundation.

The funding is part of a wider initiative aimed at mobilising the potential of communities across Ireland to improve the standard of social and community infrastructure. On 10th June of this year, a major trade event known as ‘netWORKS 2008’ will bring together a wide variety of social enterprises. The event will take place in St George’s Market in Belfast, and aims to provide further evidence that the social economy is becoming a crucial aspect of economic and community life in Ireland.

A brand new childcare centre has opened in Ardmonagh, with help from a loan from UCIT and grant funding from DSD and Big Lottery Fund. The Ardmonagh Family Centre in the Turf Lodge area of Upper Springfield can now provide quality childcare and support in a purpose-built facility for more families in the area.

UCIT welcomed the opportunity to respond to the Government’s consultation on the proposed Risk Capital Investment Fund for Social Enterprise.

To read UCIT's full response CLICK HERE