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The voice of Scotland’s vibrant voluntary sector

Published by Scottish Council for Voluntary Organisations

TFN is published by the Scottish Council for Voluntary Organisations, Mansfield Traquair Centre, 15 Mansfield Place, Edinburgh, EH3 6BB. The Scottish Council for Voluntary Organisations (SCVO) is a Scottish Charitable Incorporated Organisation. Registration number SC003558.

Charity Bank increases lending to good causes

This news post is over 8 years old
 

Figures from Charity Bank show a huge rise in loans since Big Society Capital invested £14.5 million in the ethical lender.

Loans approved by Charity Bank since March have increased by 43% in number and 220% in value compared to the same period last year.

When you borrow from Charity Bank, you are borrowing from a bank that knows and understands the sector, that takes care that its loans are on terms which are appropriate for you

Big Society Capital agreed to make its largest ever single investment – up to £14.5m of ordinary shares in Charity Bank in three successive tranches between 2014 and 2016.

Since then, Charity Bank, which takes savings from individuals and organisations, and lends solely to social sector organisations, has approved 40 new loans, worth just over £14.5m, compared with 28, worth almost £4.5m, over the same period last year.

Patrick Crawford, chief executive of Charity Bank, says, “Social sector demand for loans continues to increase and we have plenty of capacity to lend, so we are inviting charities and other social sector organisations to come and talk to us.

“When you borrow from Charity Bank, you are borrowing from a bank that knows and understands the sector, that takes care that its loans are on terms which are appropriate for you.”

Backed by the Charities Aid Foundation, Charity Bank has made loan commitments of nearly £200m to over 1,000 charities and other social sector organisations since it formed in 2002.

 

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