Many community and not-for-profit groups in the Western Region have worthwhile ideas about how they can improve the socio-economic life of their community. With this in mind, the WDC’s Community Loan Fund has been designed specifically to offer such groups access to capital in order to help make their vision become a reality.
All kinds of 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.
Loan amounts ranging from €10,000 to €100,000 are considered and are repaid on an amortised basis by monthly direct debit. We charge a fixed 3% margin for the term of the loan with no arrangement fee. We do not ask for personal guarantees and it would only be in exceptional circumstances that security on the funded asset would be sought.
The term of these loans typically ranges from three to ten years but we will consider shorter terms and, in exceptional circumstances, longer terms if necessary.
The WDC will also consider providing ‘bridging finance’ against approved grant-aid letters of offer.
The WDC does not re-finance existing loans; loans are for new activity.