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.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...