Big Society Capital invests further £5m in Charity Bank
Melanie May | 7 October 2016 | News
Big Society Capital has released the second tranche of its £14.5 million investment commitment into Charity Bank with a further £5m injection.
The first tranche of £4.5 million was invested in March 2014.
Charity Bank uses savings to make loans to charities and social enterprises, and has lent over £150 million since 2002. This further investment from Big Society Capital will allow it to make more loans to social sector organisations in the coming years.
Charity Bank has also announced record growth in its new loan approvals for the current financial year, with £55.8 million of new loan approvals in the first nine months of 2016, compared with £34 million for the whole of 2015.
Big Society Capital’s investment is the third capital investment received by Charity Bank in the past two years. In 2015 The Mercers’ Charitable Foundation invested £1million, increasing its shareholding in Charity Bank to £1.2 million, while Barrow Cadbury Trust provided additional backing through its £250,000 investment in January this year.
George Blunden, chairman of Charity Bank, said:
“This investment gives us the capital we need to make loans to more social sector organisations. It provides a strong endorsement of what we do and expresses confidence in our ethos and our future. This injection of capital will enable us to build on our track record of effective and responsible lending to charities and social enterprises.”
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.