The Punt: 'Real capital' to the rescue
THE real capital comes to the rescue. The Cork Foundation, the charity set up earlier this year by leading Corkonians to fund businesses that can't get finance elsewhere, is about to announce the first beneficiaries of its new fund.
The foundation, whose supporters include Glen Dimplex chairman Sean O'Driscoll, Vodafone Ireland chief executive Anne O'Leary, EMC general manager Bob Savage and Arthur Cox partner Padraig O'Riordain, aims to contribute to job creation in the southwest and increase economic activity. They plan to raise €5m by connecting philanthropists at home and abroad – particularly in the US, the home of the all-important wealthy diaspora – with deserving Cork businesses and community enterprises.
The organisation is holding a founding dinner in, you guessed it, Cork, on November 15.
Interestingly, Minister for Social Protection Joan Burton will give the keynote speech. We say this is interesting because the whole existence of the Cork Foundation is based on the fact that Cork businesses and communities have difficulty accessing credit and bridge finance – a problem Ms Burton's Government has completely failed to tackle.