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.”
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