The Western Development Commission has reduced interest rate on its Community Loan Fund to three per cent – in a move aimed at making access to funding easier for not-for-profit operations
This lower interest rate — down from 5% — will be available for community projects and social enterprises in Galway and the Western Region.
The fund has supported 43 projects over the ten years since it was launched – and it supports 867 jobs, representing people employed by or in the various projects, in the Western Region.
Each year, more than 300,000 people use the facilities and/or centres supported by the fund, run by the WDC.
The WDC is a statutory body that was set up to promote both social and economic development in the Western Region. It covers Donegal, Leitrim, Sligo, Mayo, Roscommon, Galway and Clare.
The WDC’s Community Loan Fund has been designed to offer community and not-for-profit groups access to capital to help these groups improve the socio-economic life of their community.
Many projects can be supported, from job creation initiatives, including the provision of enterprise space, to health and wellbeing initiatives, which improve the physical environment by providing social and recreational amenities or social care services.
For more, read this weeek’s Connacht Tribune.