Clann Credo - The Social Investment Fund

Clann Credo is a Social Investment Fund founded by Sr Magdalen Fogarty and the Presentation Sisters in 1996. It is a way of empowering communities by making capital available to community-focused enterprises, thereby earning the social dividends of positive, holistic growth. Whilst the model of Social Finance was a well-developed one in the United States, with a capacity of almost $1.8 billion by 2000, in 1996 it was an unheard of proposition in Ireland.
The Order went ahead with their vision, funding a pilot project that would test the alternative investment model the sisters had in mind. The Presentation Sisters advanced Greencaps £12,000, which was quickly paid back with interest. Greencaps Workers Cooperative creates jobs in Dublin Airport for young unemployed people from Ballymun. It operates a thriving business to this day. The success of this 'pilot' led to the formation of Clann Credo in 1996. Since its inception over €17 million cumulative has been placed with projects and have invested in over 140 projects worldwide.
The fund is the primary investor behind the Irish telecomms group GreenComm, which was developed to help raise funds for Irish charities including the Alzheimer's Society, Barnardos, the Chernobyl Children's Project, Irish Hospice Foundation, Unicef Ireland, the ISPCC, Jack & Jill Children's Foundation and Temple Street Children's Hospital.
The President of Ireland, Mary McAleese said in an address to the group in 2006:

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