Ethical bank the Charity Bank lent £48.6 million to charities and social enterprises in 2018, it has announced.
This was a 43% increase from 2017, when it lent £34.1 million, and means it has lent over a quarter of a billion (£270 million) since 2002.
Last year’s loans included £21.2 million to support housing and local facilities projects; £12.1 million for the provision of arts, heritage, sports and faith, and £7.9 million towards employment, training and education.
According to Charity Bank, which announced the figures at its AGM this week, all of the charities and social enterprises polled said their Charity Bank loan helped deliver their mission and over half (54%) of borrowers had also unlocked additional funding from other sources as a result of the Charity Bank loan.
Motivations of borrowers were:
o Needing or wanting to acquire facilities or fixed assets, like a new building (72%).
o Innovation (56%).
o Wanting to grow (56%), and
o Wanting to diversify income and improve sustainability (48%).
Charity Bank’s 2019 impact report “Money on a Mission” is available as a free download at this LINK.
