Magdas - Social Business Of Caritas Of The Archdiocese Of Vienn
Magdas was founded by the Archdiocese of Vienna’s Caritas in April 2012 with the entrepreneurial objective of solving social issues.
Their projects are economically self-sustaining, and their ultimate goal is and remains solving a social challenge. They provide meaningful apprenticeships and jobs and create prospects for people who do not get a chance with many other employers.
They see potential where others focus on hurdles. Magdas is a story with proof that things can be done differently.
In autumn 2020 they approached UniCredit Bank Austria enquiring about financing possibilities for the project “magdas HOTEL City”, the challenge was their ambitions needed to be developed right in the middle of the Covid-19 pandemic in order to open the new Hotel which is now planned for Autumn 2022.
Our team at UniCredit Bank Austria evaluated the project within the framework of our Social Impact Banking programme and granted the client with a funding of €5.7 million from June 2021 for a 20-year term.
Thanks to our support magdas was able to successfully launch its programme to reintegrate around 15 people per year into the labour market, thus achieving its goal of creating job opportunities for the disadvantaged.
Based on the experience with other Caritas projects, we are confident that about 70 people will be successfully reintegrated into society over the next five years thanks to UniCredit’s support.
Klaus Schwertner, Managing Director of the Archdiocese of Vienna’s Caritas