Coventry Cyrenians is addressing the causes and consequences of homelessness – helping people to improve their mental health and wellbeing, overcome addictions and get off the streets.
Social Problem
Rough sleeping has risen by 165% in the last decade. Support services in England have had £5 billion cut from their budgets over the same period.[1]
Solution
Coventry Cyrenians takes a holistic approach to homelessness, tackling the causes as well as providing accommodation. Over two-thirds of its clients have mental health issues and many are also struggling with addiction. The charity offers a range of services, from helping teenagers tackle alcohol misuse, to ensuring vulnerable people get the help and support they need to overcome challenges and rebuild their lives.
Loan
Coventry Cyrenians first took out a Charity Bank loan back in 1999 and recently bought 15 flats with the help of a second loan of £448k. The flats had previously been leased from a local housing association. As the loan payments are lower than the rent, the charity has been able to reduce its outgoings while gaining a valuable asset.
Impact
Coventry Cyrenians is helping people regain their dignity and independence, and move towards a brighter future. Its holistic approach is enabling clients to make lasting changes to their lives. It now manages almost 200 units of accommodation. One in five residents goes on to find paid employment, and over 90% of people say at least one area of their life has improved.
“It was obviously important that we got a good rate of interest for our loan. With Charity Bank, we also have the added advantage of working with a lender that understands charities and wants to help.”
Mike Fowler, Chief Executive, Coventry Cyrenians
About Charity Bank
Charity Bank is the loans and savings bank owned by and committed to supporting the social sector. Since 2002, we have used our savers’ money to make more than 1,000 loans totalling over £300m to housing, education, social care, community and other social purpose organisations.
Nothing in this article constitutes an invitation to engage in investment activity nor is it advice or a recommendation and professional advice should be taken before any course of action is pursued.