UCIT Building Change Trust Loan Fund enables Brocagh Group to benefit from cost savings of PV Panels
The Trust and UCIT are helping Voluntary, Community and Social Enteprise Sector organisations access finance through the Building Change Trust Loan Fund.
Brocagh & District Regeneration Group was formed in 1996 with the specific aim of promoting economic and social regeneration of the Brocagh area which is located on the shores of Lough Neagh, outside Cookstown.
The Group’s objectives are to encourage, support and develop enterprise in the Brocagh area through the provision of information, support services and workspace units. The organisation also provides and manages a community hall for use by both the local inhabitants and local charitable and community organisations.
Those making use of the community facilities include the local GAA club, the bowling club, the historical group, Mother & Toddler group, the cultural tradition group, a local youth club and a farmers group.
The centre provides vital opportunities for a variety of activities thereby promoting community cohesion, good mental health, physical health awareness and access to educational opportunities.
Brocagh & District Regeneration Group has recently benefited from a new dedicated £350,000 loan scheme which has been launched to help provide funding for community projects across Northern Ireland.
Community groups, voluntary organisations, charities, sports clubs and social enterprises are being encouraged to access the scheme which is being funded by Building Change Trust, who were established in 2008 by the Big Lottery Fund with an endowment of £10million, and managed by Ulster Community Investment Trust (UCIT).
The new fund provides small unsecured loans of £1,000 - £25,000 which cannot currently be raised from traditional sources. The loans can be used for a wide range of purposes, including buildings and repairs, equipment purchase, making facilities more energy efficient or funding shortfalls in larger grant assisted projects.
Brocagh & District Regeneration Group will use a loan from the Building Change Trust Loan Fund to pay the upfront costs incurred during the supply and installation of a PV Panel system for the roof of their buildings. When the loan is retired the organisation will continue to benefit from receiving tax free annual income and electricity cost savings for the remaining 15 years of the government sponsored ROC (Renewables Obligation Certificate) contract.
Further information about the scheme is available by contacting UCIT on 028 9031 5003 or visiting www.ucitltd.com