Co-operative Bank creates £25m microfinance fund
Howard Lake | 18 September 2007 | News
The Co-operative Bank has created a £25 million fund to support the development of small businesses in some of the world’s poorest countries.
The Bank has created a line of credit in association with several major international banks that will be used to provide microfinance, or small loans, to the working poor around the world.
The Co-operative Bank is already part of the Global Commercial Microfinance Consortium (GCMC) that brings together institutional
investors and development agencies in order to provide finance to poor people. It is now looking to build on that commitment with other similar organisations.
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Richard Wilcox, Head of Structured and Asset Finance said: “Our involvement in microfinance clearly demonstrates to our customers the mechanics of how our ethical stance really works and shows how their money, when invested with the bank, can make a real difference in tackling global poverty.”
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.