Charity Bank issues 1000th loan
Melanie May | 12 November 2019 | News
Charity Bank has issued its 1000th loan: £250,000 to Andrew Windsor Almshouses, a Surrey-based charity supporting pensioners in need of housing.
Andrew Windsor Almshouses 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.
Charity Bank launched 17 years ago and uses savers’ funds to finance loans for charities and social enterprises.
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.
They also include a £250,000 loan to YMCA Humber, which specialises 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.
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Ed Siegel, Chief Executive, Charity Bank said:
“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.”
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.