Charity Bank loans value grows by a third

Finance | Tania Mason | 14 May 2010

Charity Bank has approved almost a third more loans to the sector than it did last year, and expects the level of drawn loans to top £40m for the first time in July.

Announcing its results ahead of its AGM on 19 May, Charity Bank reported that it made loans worth £35.8m in 2009 – a 700 per cent rise since its first year of operation, 2002.

Deposits also grew in the year, up 25 per cent to £44m, as around 500 individuals and charities opened new deposit accounts during the year.

Malcolm Hayday, the Bank’s chief executive, said that despite the ailing economy and the reluctance of high street banks to lend, Charity Bank had been able to increase its funding to charities and social enterprises and had “ambitious plans” to boost it further still.

In response to calls from New Philanthropy Capital and others for organisations in the sector to improve the reporting of the social impact of their activities, Charity Bank has published its first social impact study of its lending activity.

Key findings include:

88 per cent of borrowers found that a Charity Bank loan had made a major or significant contribution
69 per cent secured additional funding as a result of the Charity Bank loan]
81 per cent of borrowers saw a major or significant improvement in facilities, improving their ability to provide services.

Directory: New Philanthropy Capital
Who's Who: Malcolm Hayday

Comments

[Cancel] | Reply to:

Name *

Email *

Organisation

Job Title

Comments *

Verification *

* Please read our Community Standards

Close »

Community Standards

The civilsociety.co.uk community and comments board is intended as a platform for informed and civilised debate.

We hope to encourage a broad range of views, however, there are standards that we expect commentators to uphold. We reserve the right to delete or amend any comments that do not adhere to these standards.

We welcome:

Robust but respectful debate
Strongly held opinions
Intelligent relevant discussion
The sharing of relevant experiences
New participants

We will not publish:

Rude, threatening, offensive, obscene or abusive language, or links to such material
Links to commercial organisations or spam postings. The comments board is not an advertising platform
The posting of contact details for yourself or others
Comments intended for malicious purpose or mindless abuse
Comments purporting to be from another person or organisation under false pretences
Gratuitous criticism, commentary or self-promotion
Any material which breaches copyright or privacy laws, or could be considered libellous
The use of the comments board for the pursuit or extension of personal disputes

Be aware:

Views expressed on the comments board are left at users’ discretion and are in no way views held or supported by Civil Society Media
Comments left by others may not be accurate, do not rely on them as fact
You may be misunderstood - sarcasm and humour can easily be taken out of context, try to be clear

Please:

Enjoy the opportunity to express your opinion and respect the right of others to express theirs
Confine your remarks to issues rather than personalities

Together we can keep our community a polite, respectful and intelligent platform for discussion.