The UCIT Group consists of Ulster Community Investment Trust Ltd (based in Northern Ireland) and its subsidiary, Ulster Community Investment Trust (Ireland) (based in the Republic of Ireland and operating under the name Community Finance Ireland. The group provides loans exclusively to other third sector organisations such as community groups, charities, sports clubs and social enterprises in Ireland. Since 2001, the UCIT Group have committed in excess of €90 million to over 400 organisations. Both organisations have charitable status in the respective jurisdictions.
The group was established in response to decreasing government grant support and the difficulties experienced by community organisations in accessing commercial loan facilities. Start-up funding was received from LEDU (now Invest Northern Ireland) and the International Fund for Ireland (IFI). An existing £6.6m loan book was gifted by the IFI, the Department for Social Development and the Department of Agriculture & Rural Development.
In 2007 Community Finance (reland received accreditation from the Social Finance Foundation, Dublin, to enable the organisation to access a €70m fund for investment throughout the Republic.
As a registered charity, all profits generated by the Group are retained and recycled for reinvestment into the third sector.
UCIT / Community Finance (Ireland) (consolidated):
Clients: 500 Organisations
Total Balance Sheet: £19,981,861