COPE Galway and St Columba’s Credit Union (SCCU ) are proud to announce the launch of a new €1.4 million Community Impact Loan Fund, a partnership designed to support the delivery of capital projects for people experiencing homelessness, domestic abuse and social isolation in Galway.
Galway urgently needs new, fit-for-purpose housing and support infrastructure. While Government schemes can fund a significant portion of building and development costs, many vital projects stall without the final layer of finance needed to progress them quickly and sustainably. The Community Impact Loan Fund addresses a well-recognised financing gap that can delay vital housing and other support projects.
Seeded with €1.4 million of low-interest finance over 10 years from SCCU, this revolving fund will accelerate critical projects by complementing existing Government funding. As funds are repaid, they can be reinvested to support future projects, ensuring long-term sustainability while delivering immediate social impact for the most vulnerable in the community. The partnership provides a model for how community savings can be mobilised to support housing and social infrastructure nationwide.
In welcoming the initiative, Minister of State with responsibility for Community Development and Charities, Jerry Buttimer TD, said, this Community Impact Loan Fund is a really positive example of how strong community partnerships can support charities in meeting real needs on the ground. “Through COPE Galway and St. Columba’s Credit Union working together, they are ensuring that local resources are directed where they can have the greatest impact, delivering practical benefits for people who need support most. I welcome this innovative collaboration and the potential for this approach to strengthen communities in other parts of the country.”
Colm Cleary, Chairman of SCCU csaid they are delighted to partner with COPE Galway on this innovative Community Impact Loan Fund.
“At St. Columba’s Credit Union, our purpose is to support our members and help our community to thrive. This partnership ensures that local savings are reinvested locally, delivering real benefits for people who need support most. We believe this model has the potential to be replicated by other credit unions across the country.”
Michael Smyth, Chief Executive at COPE Galway, said this partnership represents the very best of community-led action.
“It will allow COPE Galway to respond more quickly to urgent needs, while also building long-term, sustainable solutions across our homelessness, domestic abuse and senior support services. It demonstrates the power of community finance when it is reinvested directly for community benefit.” The fund enables COPE Galway to move ahead with vital projects, some already in development, that would otherwise face delays. There are clear benefits to the wider community.
“Funding stays in Galway, supporting local jobs, sustainable services and stronger infrastructure to create thriving communities. This partnership marks a significant step in harnessing community finance to turn local savings into lasting social benefit and provides a model that can be replicated in communities across the country,” he concluded.
