Scout group showcase benefits of using community finance

RENMORE Scout Group is being showcased as an example of how social financing can make a difference by highlighting its own achievements.

The scout group recently upgraded its Scout Den and purchased a new van with support from Community Finance Ireland (CFI), a charity and social enterprise in Ireland.

The charity provides loans exclusively to community groups, charities, sports clubs and social enterprises on an all-island basis and as a non-profit.

Instead of profit-driven interest, CFI has created a model rooted in community support, where every repayment helps another volunteer-led organisation take their next step in delivering impact for their community.

Based just outside Galway City, Renmore Scout Group secured finance from CFI to refurbish its Scout Den, including the installation of new shower and toilet facilities.

It also availed of finance to purchase a new van, making it easier to transport equipment, scout leaders and members to camps, jamborees and events throughout the year.

“The bridging finance from Community Finance Ireland is really important to us as an organisation,” said Anne Loughnane, Scout Leader with Renmore Scout Group.

“Grants are paid retrospectively, and we wouldn't have the upfront cash to cover the projects required for our group. The bridging loan allows us to start the project, and we can pay it off when the grant comes through,” she explained.

CFI is now encouraging youth organisations, community groups and voluntary organisations to explore the benefits of social finance loan and get help in turning their ambitious dreams into reality for their locality.