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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Tide names new chief technology officer
Tide has recruited Guy Duncan (pictured above) to its executive team as its new chief technology officer...
OakNorth Bank lends £650,000 to Casa Italia
OakNorth Bank has provided a £650,000 loan to Liverpool-based, 160-cover independent Italian restaurant Casa Italia...
First year of home ownership can bring with it unanticipated ‘financial challenges’
Aldermore’s First-Time Buyer Index has highlighted the importance of understanding the extra costs of owning your first home...
Starling Bank releases its first TV advertising campaign
Starling Bank has launched its first TV advertising campaign called Feel Good About Money...
Metro Bank enhances business banking offering via three new partnerships
Metro Bank has enhanced its business banking offering via three new fintech and SME partnerships...
An interview with Jacqueline Morcombe: Building diverse teams leads to ‘more innovative ideas and better business outcomes’
Jacqueline Morcombe, area vice-president of international sales enablement at nCino, discusses diversity in the banking industry, how to efficiently process commercial loans and transparency in the sector...
Paragon launches BTL intermediary portal
Paragon has announced that it has launched a new intermediary portal...
Creative England and Triodos Bank launch £24m fund for creative SMEs
Creative England and Triodos Bank UK have launched a £24m fund to provide finance to creative UK businesses...
The Nottingham boosts lifetime Isa rate for first-time buyers and retirement savers
Nottingham Building Society has increased its lifetime Isa rate from 1% AER/tax free (variable) to 1.25%, which represents a boost for first-time buyers and those saving for retirement...
A guide to how sharia-compliant mortgages work
In December 2018, we launched an alternative to traditional home loans, a home purchasing plan (HPP) for buyers in the UK, abroad and expats...
PMS and Sesame welcome Axis Bank UK to specialist lender panels
PMS Mortgage Club and Sesame Network, part of Sesame Bankhall Group, have added Axis Bank UK to their specialist lending panels...