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At UCIT's AGM in September, the Trust announced a record £6 million of new investment into the social economy over the past year.
This means that since becoming operational in January 2001, UCIT has approved loans totalling over £35million to more than 200 charitable organisations in areas such as workspace, tourism, childcare, training and community transport. This investment has been used by social enterprises to develop a more sustainable future by making themselves more business focused rather than grant reliant - something we would strongly advocate in UCIT.
Our AGM was held in Merville House, Newtownabbey - a past beneficiary of UCIT investment. The late eighteenth century manor house was restored in 2006 by Merville Residents Association. When the renovations became jeopardised due to cash flow problems and the Association were unable to secure financial assistance from the bank, UCIT was able to provide the group with a bridging loan ensuring the project could proceed unhindered. Through resurrecting the local landmark site from ruin, Merville Residents Association have created a wonderful space which is now a hub for social and economic activities within the area.
Find out more about UCIT's finance and support at:
Ulster Community Investment Trust (UCIT)
13-19 Linenhall Street
Belfast
BT 28AA
028 9031 5003
www.ucitltd.com
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Northern Ireland Council for Voluntary Action is registered as a company limited by guarantee in Northern Ireland (No 1792) and is registered as a charity for tax purposes with the Inland Revenue