Business

Charity launches £4 million dedicated sports fund

The Ulster Community Investment Trust (UCIT) has ‘kicked off’ a new dedicated £4 million fund for sporting organisations seeking finance. Pictured are Paul Lavery, treasurer of Carryduff GAC with Phelim Sharvin, UCIT’s associate director. The club has availed of UCIT finance to help create a new community hub, a ball wall and additional training space. Photo: Brian Thompson
The Ulster Community Investment Trust (UCIT) has ‘kicked off’ a new dedicated £4 million fund for sporting organisations seeking finance. Pictured are Paul Lavery, treasurer of Carryduff GAC with Phelim Sharvin, UCIT’s associate di The Ulster Community Investment Trust (UCIT) has ‘kicked off’ a new dedicated £4 million fund for sporting organisations seeking finance. Pictured are Paul Lavery, treasurer of Carryduff GAC with Phelim Sharvin, UCIT’s associate director. The club has availed of UCIT finance to help create a new community hub, a ball wall and additional training space. Photo: Brian Thompson

THE Ulster Community Investment Trust (UCIT), one of the UK’s largest providers of social finance, has ‘kicked off’ a dedicated £4 million fund for sporting organisations in the north seeking finance.

The charity has already provided £7m to 70 clubs, helping deliver new training facilities, clubhouses and state-of-the-art pitches, and the new fund will commit a further £4m over the next five years.

Recent beneficiaries include Naomh Pól CLG and Shorts Sports & Recreation Club in Belfast, which together have received £350,000 to support major community investments.

Phelim Sharvin, associate director of UCIT, said: “The way in which the sporting sector is funded has changed rapidly over the past decade. With less grant funding from government available and less capacity from high street banks, groups are increasingly relying on social finance.

“UCIT can provide sporting clubs with a bespoke service to help them access finance which takes into account the needs of the sector. Tailored finance is available to support a wide range of purposes including property acquisition, capital build projects, equipment purchase and restructuring of existing debt.

“Often the loan may match grant funding secured from a funder such as SportNI or a local council. Crucially, the repayment schedule is closely matched to the varied revenues from a social club, member’s subscriptions, patron schemes and fundraising events."

He added: “Our vision is to work with clubs to help them remain as a hub at the heart of their local communities.”

Shorts Sports & Recreation Club received a loan from UCIT to help it acquire a 14-acre site to further develop facilities for various activities while the funding for Naomh Pól CLG in west Belfast has helped with the construction of a 3G facility and a standing terrace for the main playing pitch.

Since its inception in 2001, UCIT (www.ucitltd.com) has provided loan commitments totalling more than £60m to around 400 third sector organisations in Northern Ireland such as sports clubs, community associations, charities, green energy projects, faith-based organisations and arts projects.