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
An interview with Ricky Knox: 'It's about time the mortgage sector caught up with the way people live'
Ricky Knox, CEO at Tandem (pictured above), talks about its Savetember campaign, upcoming mortgage product and educating young people about money in a discussion with Specialist Banking...
Aldermore names new key account manager
Aldermore has revealed that James Young (pictured above) will become a key account manager for its retail mortgage business at the end of November...
Unity Trust Bank opens new Manchester office after 47% lending growth
Unity Trust Bank has opened a second commercial office as part of its expansion plans...
Tide to launch first premium account
Tide has announced that it will launch its first premium account to all its members by the end of 2019...
Shawbrook launches portal to ‘dramatically’ reduce BTL product switch times
Shawbrook Bank has launched a new online system that aims to reduce the time taken for BTL customers to product switch...
Santander to stop writing new asset finance business by end of 2019
Santander has announced that it will stop writing any new asset finance business by the end of the year...
Shawbrook adds new relationship director to business finance division
Shawbrook Bank’s business finance division has named John Hunter (pictured above) as its new relationship director for its South East regional team...
National Australia Bank updates cloud strategy with Google Cloud addition
National Australia Bank (NAB) has added Google Cloud to its cloud technology strategy...
PMS Mortgage Club and Sesame Network appoint Reliance Bank to lender panels
PMS Mortgage Club and Sesame Network have added Reliance Bank’s range of mortgage products to their respective lender panels...
FCA aims to improve awareness of no-deal Brexit impact on businesses
The FCA has stepped up its efforts to ensure firms are aware of what they need to do to prepare in the event of a no-deal Brexit...
Alba selects Temenos as core banking platform
Temenos has been selected as the core banking platform for Alba...