# Co-operative Bank creates £25 million microfinance fund

- Link: https://fundraising.co.uk/2007/09/18/cooperative-bank-creates-25m-microfinance-fund/
- Published: 2007-09-18T23:00:00+01:00
- Author: Howard Lake

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.

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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.

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.”