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Wednesday, October 16, 2019

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Charity Bank receives £5m deposit injection from Power to Change

Sam Monk | 16:15 Friday 5th July 2019

Charity Bank has secured a £5m deposit injection from independent charitable trust Power to Change.

The deposit will increase the bank’s lending capabilities and improve access to finance for charities and social enterprises.

Organisations helped by the specialist bank include social action charity Imago and community benefit society Burton Street Foundation.

“Responsible investment is an important and growing area of focus for many charities and social enterprises,” said Ed Siegel, chief executive at Charity Bank (pictured above).

“This deposit from Power to Change will undoubtedly help us in our mission to provide social enterprises with the financial resources they need to help vulnerable people and communities across the UK, outcomes which, we understand, are supportive of the social objectives of Power to Change.”

Vidhya Alakeson, chief executive at Power to Change, added: “The deposit we’ve made will support Charity Bank in tackling some of the most challenging societal issues facing the UK today, while still earning a good rate of interest, which is great news for our endowment and for improving lives.”

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