This marks an important milestone for the bank and its charity and social enterprise borrowers, as well as the investors and depositors that have supported Charity Bank and its mission since it was launched 17 years ago.
Charity Bank supports the UK social economy by using savers’ funds to finance loans for charities and social enterprises, helping them to fulfil their missions and creating positive social change. In its recent social impact study all the Charity Bank borrowers that responded to its survey said that their loans helped them achieve their mission, and over three-quarters said that this enabled them to increase service provision.
The 1000th loan has been granted to Andrew Windsor Almshouses, a Surrey-based charity supporting pensioners in need of housing. The organisation has been providing accommodation for nearly 400 years, and currently houses 11 residents. The £250k loan from Charity Bank will assist with repairs to the roofs of these 17th century almshouses so they can continue providing homes for the elderly.
“This milestone is really significant for us and our customers and is further proof of the value to the sector of a specialist bank that understands the unique requirements of social sector organisations. Increasingly, charities and social enterprises are considering repayable finance as an alternative means to support the growth of their social impact and ensure financial stability. These organisations are accessing loans to expand services, purchase assets, diversify income streams, and to make the most of the opportunities that they find to increase their impact.”– Ed Siegel, Chief Executive, Charity Bank
Other significant loans which have contributed to this milestone include:
- A £4 million loan to Coventry Church Municipal Charities. This organisation has been in existence since 1506 and currently operates 73 units of affordable supported living accommodation in a mix of heritage and modern buildings. Charity Bank’s loan will support the construction of 45 new units of accommodation.
- A £250,000 loan to YMCA Humber, a youth charity specialising in supported accommodation for over 100 young people around North-East Lincolnshire. The loan assisted with the purchase of three residential properties to help young people move on from supported to independent accommodation.