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Friday, December 06, 2019

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Charity Bank provides 1,000th loan

Sam Monk | 16:59 Monday 11th November 2019

Charity Bank has reached a lending milestone by issuing its 1,000th loan.

The specialist bank launched 17 years ago and focuses on supporting the UK social economy by using savers’ funds to finance loans for charities and social enterprises. 

Surrey-based charity Andrew Windsor Almshouses — which supports pensioners in need of housing and has been providing accommodation for nearly 400 years — was the recipient of Charity Bank’s 1,000th loan.  

The specialist bank provided a £250,000 loan, which will assist with the repairs of the properties. 

“This milestone is really significant for us and our customers and is further proof of the value to the sector of a specialist bank that understands the unique requirements of social sector organisations,” said Ed Siegel, chief executive at Charity Bank (pictured above). 

“Increasingly, charities and social enterprises are considering repayable finance as an alternative means to support the growth of their social impact and ensure financial stability. 

“These organisations are accessing loans to expand services, purchase assets, diversify income streams and to make the most of the opportunities that they find to increase their impact.” 

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

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