LIT’s Chief Information and Compliance Officer and native of Ennis, Garrett Greene, has been appointed Chairman of the Board of the Irish Social Finance Foundation (SFF) from July 2021.
Created by the government in 2007, the charitable foundation has a current value of 70 million euros. It acts as a wholesale bank for social lenders, Clann Credo and Community Finance Ireland, loan-financing thousands of socially beneficial projects across Ireland in the community and voluntary, sports, heritage, community and community sectors. social enterprise and social care, for which normal bank loans would be out of reach. These projects support around 1,200 jobs across the country.
The Foundation recently secured additional loan facilities of â¬ 25 million from Irish pillar banks and successfully negotiated a conditional partial guarantee from the European Investment Fund.
The Foundation is a key player in the field of “personal microcredit”, in collaboration with credit unions, pioneer in the field of small loans at low interest rates for personal borrowers who might otherwise resort to “payday loans” Â»High interest or illegal money lending. Micro-Finance Ireland, a key lender for business start-ups, is a subsidiary of the Foundation and has recently become a channel for government loans to small businesses impacted by Brexit and Covid.
Garrett has been a non-executive director of SFF since 2015, chairing the credit committee and managing the Foundation’s loan book since 2017.
Directors selected Garrett for the position of chairman following a sealed board consultation process in January of this year.
Given the charitable status and social mission of the Foundation, Garrett will adopt this role on a voluntary and unpaid basis, dedicating his personal time to his duties.
In assuming his new role, Mr. Greene said he was aware of the important governance responsibility and trust placed in him by the SFF Board of Directors.
âThe success of the Foundation is the success of communities, projects and individuals. We bring together the banking, public and social sectors and when these three sectors work in tandem, with the right goals, communities can be empowered, âhe said.