Power to Change deposits £5m in Charity Bank
Melanie May | 9 July 2019 | News
Charity Bank has received a £5 million deposit from independent charitable trust Power to Change.
The deposit will increase Charity Bank’s lending capabilities, improving access to finance for charities and social enterprises.
Organisations helped by Charity Bank include Imago, a social action charity supporting communities across the South of England which purchased a new premises with funding from Charity Bank, and Burton Street Foundation, a community benefit society in Sheffield which has also been supported in the past by Power to Change. Burton Street Foundation works with almost 250 adults and 50 children every week, with needs ranging from moderate learning difficulties, to profound and multiple learning disabilities.
Ed Siegel, Chief Executive at Charity Bank commented:
“Responsible investment is an important and growing area of focus for many charities and social enterprises. This deposit from Power to Change will undoubtedly help us in our mission to provide social enterprises with the financial resources they need to help vulnerable people and communities across the UK, outcomes which, we understand, are supportive of the social objectives of Power to Change.”
Vidhya Alakeson, Chief Executive at Power to Change said:
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“Power to Change exists to create better places through community business and we know that by saving with Charity Bank, our cash is being used as a powerful tool for social change. The deposit we’ve made will support Charity Bank in tackling some of the most challenging societal issues facing the UK today, while still earning a good rate of interest, which is great news for our endowment and for improving lives.”
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.