Loan book almost doubles in 2 ½ years. Charity Bank announces latest charities to benefit from its loans.
Charity Bank, the ethical bank that uses savings to make loans to charities and social enterprises, today announced that its book of drawn loans has exceeded £100 million for the first time. The bank also shared details of its five most recent loans that helped it to reach this milestone.
Since 2002, Charity Bank has provided over £185 million of loan finance to support organisations working to enrich and improve society. These loans have facilitated social impact across the UK covering a wide range of sectors, including arts, community, education, environment, faith, health, housing, regeneration, social care and sports.
Patrick Crawford, Chief Executive of Charity Bank, said: “At the start of 2015 we had a loan book of £52.2 million; two and half years later our loan book has almost doubled. Our growth provides further evidence of how more charities and social enterprises are using loan finance to help them deliver their missions.
“We continue to be inspired by the charities and social enterprises we have the privilege to work with every day as they help the disadvantaged, enrich lives and improve communities. These organisations are the real heroes and it is our role and privilege to be here to support what they do.”
The five loans that most recently helped Charity Bank grow its loan book to £100 million:
Elderpark Housing Association
Operating in the Govan area of Glasgow that has experienced significant challenges since the decline of its shipbuilding industry, Elderpark Housing Association is a not-for-profit organisation that aims to improve the quality of social housing available for local people. Currently providing 1,265 rental units, a loan from Charity Bank will enable Elderpark to refurbish 29 more units.
Glossopdale Furniture Project
Since 1997, Glossopdale Furniture Project has been providing good-quality household items at affordable prices to local people on low incomes. All furniture is donated with some being restored or built out of reclaimed material on site, so the project also contributes to recycling and reducing waste locally. A Charity Bank loan will assist with the purchase of a new shop in Glossop.
Hudswell Community Charity
With property and rental prices increasing in the Yorkshire Dales village of Hudswell, many local people with low income can no longer afford to live there. Hudswell Community Charity currently manages three houses in the village. With the help of a Charity Bank loan, the charity is building three more affordable homes, which will be rented to those most in need in the community.
YMCA Black Country Group
From accommodation and childcare provision to employment and health services, the YMCA Black Country Group provides a whole range of opportunities and support networks to help young people from across the Black Country build strong foundations for a better life. A loan from Charity Bank allowed the charity to consolidate its loans on terms that were better suited to its plans for the future.
Stretham & Wilburton Community Land Trust
The two East Cambridge parishes of Stretham and Wilburton came together in 2012 both to address the affordable housing crisis in the area that was resulting in local people and workers having to move away, and to give local people a voice in the development of their community. A Charity Bank loan has enabled the purchase of eight housing units, which will offer housing for 16 persons at below market rent.
Charity Bank’s Loan Portfolio Report for 2017/18 provides many more examples of social sector organisations using loan finance to help them deliver their missions.
“We continue to be inspired by the charities and social enterprises we have the privilege to work with every day as they help the disadvantaged, enrich lives and improve communities."Patrick Crawford, Chief Executive of Charity Bank