Charity Bank has revealed that it provided £48.6m to charities and social enterprises in 2018.
This represented a 43% increase on the £34.1m it lent in 2017 and brings its total funding to £270m since 2002.
The loans included £21.2m to support housing and local facilities projects, £12.1m for the provision of arts, heritage, sports and faith, and £7.9m for employment, training and education.
The motivations for charities and social enterprises for borrowing from Charity Bank were:
- needing or wanting to acquire facilities or fixed assets, such as a new building (72%)
- innovation (56%)
- wanting to grow (56%)
- wanting to diversify income and improve sustainability (48%)
Ed Siegel, chief executive at Charity Bank (pictured above), said: “Access to funding is crucial in enabling charities and social enterprises across the UK to continue and expand their work.
“The growth that the Charity Bank team achieved in lending last year is a success story for all of the charities and social enterprises involved.
“More importantly, though, it’s a lifeline for the vulnerable people and communities throughout the UK who benefit from what they do and whose lives are enriched by their work.
“This lending wouldn’t be achievable without our savers — these are people who choose to save and invest for good to drive social change for those who need it.”
Alan Hodson, incoming chair at Charity Bank, added: “I am highly motivated by the work Charity Bank does, matching savers who want to use their money to do good, with impact-led organisations [which] need finance.
“I am excited to take the bank forward to the next stage, bringing my experience from both the commercial and charity sectors to support the board as [it looks] to the future and expanding the work of Charity Bank.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Hodge joins Advise Wise Mortgage Club lender panel
Hodge has announced that it has been added to Advise Wise Mortgage Club’s lender panel...
Shawbrook provides £500,000 second charge loan to protect property’s value
Shawbrook Bank has provided a £500,000 second charge loan to save a client’s property value...
Redwood Bank launches new business savings bond
Redwood Bank has launched a new one year business savings bond with a rate of 1.62%...
OakNorth Bank completes seven-figure debt finance deal
OakNorth Bank has provided independent advisory firm Dow Schofield Watts with a seven-figure debt finance facility to make a strategic investment in Camlee Group...
Starling Bank raises £60m and gives shares to employees
Starling Bank has revealed that it has raised £60m from its existing investors Merian Global Investors and JTC...
Cash costs time for SMEs — how can banks help?
Cash is still king for businesses up and down the country; businesses that must essentially be flexible to consumer preferences...
SB to host filmed roundtable on how specialist banks aim to utilise technology in 2020 and beyond
Next week, Specialist Banking will host its sixth filmed roundtable event in association with Watson Farley & Williams...
Aldermore names Tim Boag as group managing director
Aldermore has named Tim Boag (pictured above) as its new group managing director of business finance...
Aldermore’s outlook for SMEs in 2020
As we enter 2020, it’s worth reflecting on how the economic landscape in which UK small businesses currently operate in is changing...
Cynergy Bank opens first Scottish office
Cynergy Bank has opened its first Scottish office in Edinburgh...
Shawbrook Bank launches new business savings products
Shawbrook Bank has launched two new business savings products and enhanced a third to strengthen its portfolio...