Social lender Charity Bank has said it made loans worth £14.5m in the six months to the end of September, more than three times as much as in the same period last year.

The bank made 40 loans worth £14.5m in the period, compared to 28 loans worth £4.5m in the same period the previous year.

The change comes after Big Society Capital agreed to invest £14.5m in Charity Bank shares on 28 March this year - at that time the largest investment BSC had agreed.

The investment followed a decision by Charity Bank to cease being a registered charity, in order to allow it to raise more capital. The bank gave up its charitable status in 2013.

Previously it had been constrained by conflicts between rules laid down by financial regulators, and those laid down in charity law.

The bank’s recent lending returns it to the levels it was at before the restrictions took effect.

In 2011, the bank approved 91 loans worth £26m. This compares to 47 loans worth £9m in 2012, and 59 loans worth £12m in 2013.

The bank has now set itself a target to grow its total lending from just under £55m at the end of 2013 to £250m by December 2018.

Patrick Crawford, chief executive of Charity Bank, said: “Social sector demand for loans continues to increase and we have plenty of capacity to lend, so we are inviting charities and other social sector organisations to come and talk to us.”