Community-led housing projects can find it hard to raise funds. Charity Bank provided a loan totalling £130,000 to the Askrigg Foundation to convert a rundown building into a community shop and three new affordable homes.
Housing charity Chrysalis is working to reduce its reliance on leased properties by increasing its property ownership. A £666,000 loan has enabled Chrysalis to refinance one property and purchase another.
Second Floor Studios & Arts (SFSA) has been offering affordable creative studios in London for more than 20 years. The social enterprise rented several buildings, but knew it needed to move to ownership to secure its long-term future.
YMCA Thames Gateway has taken a different approach to affordable housing. The charity’s 39 new flats were built off-site, saving time, money and disruption. The scheme attracted a grant, which together with Charity Bank’s loan enabled the project to go ahead.
Your eligible deposits with Charity Bank are currently protected up to a maximum of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme. Total balances above £85,000 are not protected.
For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000).
Deposits from large companies and small local authorities are covered by the FSCS deposit protection from 30 January 2017 up to a maximum of £85,000.
Visit the FSCS website for more information or call the FSCS on 0800 678 1100 or 0207 741 4100.