Charity Bank, the loans and savings bank for positive social change, today announced that Access – The Foundation for Social Investment has committed to invest £2.75m in the bank as part of their Flexible Finance for the Recovery programme.
Can my charity borrow money from a bank? Is borrowing possible for a charity? Does a charity need express power to borrow? We go through the first things to consider when a charity is thinking about taking out a loan.
The Twelve Apostles is a Greek Orthodox church in Hertfordshire. The church’s congregation has grown significantly in recent years, as has demand for its food bank. So, the church is being extended with the help of a Charity Bank loan.
“Banks says they want to support non-profits, but they won’t lend us money. Thankfully, Charity Bank and Big Issue Invest have been brilliant.” Read our interview with Ann Martin, CEO of Birmingham Supported Living 2010.
The bank achieved a record financial result, with a significant profit of £2.7m. Charity Bank will reinvest 100% of its 2022 profit to further its mission and extend its reach to underfunded charities and social enterprises.
After over 20 years of renting, Elpis Ministries has finally bought its own church premises. It couldn’t have done so without the help of a £1.27 million loan from Charity Bank. Pastor Victor Darteh tells us more.
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.