Charity Bank receives £ 4million investment boost to fuel new loan growth

0

Mélanie May | October 7, 2021 | New

Green sprouts on stacks of coins signal financial growth

Charity Bank announced today (October 7) £ 4million in equity investments from six new investors as well as an approved investment from existing shareholder, Big Society Capital.

By leveraging these investments with deposits, Charity Bank will be able to provide more than £ 32million in new loans to UK charities and social enterprises.

Investments come from: Garfield Weston Foundation (£ 1m), The Clothworker’s Foundation (£ 1m), Bank Workers Charity (£ 250,000), Places for People (£ 250,000), Drapers’ Company (£ 250,000) and Alternative Bank Switzerland (£ 250k), who become new shareholders of Charity Bank, while Big Society Capital has approved an additional £ 1million.

Advertising

These follow investments from Barrow Cadbury Trust (£ 500,000) and the Samworth Foundation (£ 500,000) in March 2021, and the Esmée Fairbairn Foundation (£ 230,000) at the end of 2020.

Bank Workers Charity is the first professional charity fund to become a shareholder of Charity Bank, while Places for People is the first housing association to invest in Charity Bank. Alternative Bank Switzerland (ABS) becomes the largest shareholder of Charity Bank outside the UK. ABS and Charity Bank are both members of the Global Alliance of Banking on Values, an international network of independent banks that use finance to ensure sustainable economic, social and environmental development.

Ed Siegel, Managing Director of Charity Bank, said:

“To have such a diverse group of impact investors joining as shareholders of Charity Bank is a positive reflection of our success in reaching impact organizations in the UK with specialist funding and support. With this additional investment, we will be able to expand and broaden our support, helping more charities and social enterprises access the funding they need to maintain and grow their services.

“UK charities and social enterprises are responding to a range of pressing social issues, but after a long period of public budget austerity, many have struggled to secure sufficient funding. The effects of the coronavirus pandemic have only made this situation worse. Amid the Covid-19 crisis, when many lenders went on the sidelines, Charity Bank approved a record level of new loans. The new equity investments we have secured will allow us to continue to grow our lending and offer the tailored financing solutions that many organizations will need as they recover from the effects of the pandemic. “

Michael Field, Chairman of the Finance and Investment Committee, The Bank Workers Charity, said:

“We see social investing as complementary to the range of services we provide to our clients and as a very effective way to extend our reach and maximize the impact of our resources. We were very keen to support the important work that Charity Bank is doing in the social sector. The impact of the coronavirus pandemic has been devastating, and we are proud to see our investment going directly to helping communities and people who need it most. “

Also commenting, Marcus Hulme, Director of Places Impact, Places for People, said:

“Our group’s vision is to create places that work for everyone, so working with Charity Bank, who share similar values ​​to ours, gives us the opportunity to empower more charities and social businesses. access additional capital to make a difference in communities across the UK. . “

1 total views, 1 views today


Source link

Share.

Leave A Reply