Charity Bank reports record growth during 2009
Howard Lake | 17 May 2010 | News
Charity Bank has reported that during 2009 its loans to charities, social enterprises and community projects grew by 31% year on year, to £35.8 million, a seven-fold increase since it launched in 2002. The only regulated bank that is also a registered general charity expects that the level of drawn loans, which currently stands at £37.9 million, will surpass £40 million for the first time ever in July.
The bank’s outline results were reported ahead of its AGM and Open Day which take place on 19 May.
During 2009 deposits also grew by 25% to £44 million, with over 500 new deposit accounts being opened by individuals and other charities.
Chief Executive of Charity Bank, Malcolm Hayday said: “We have ambitious plans to increase our support to charities and other social profit organisations that address society’s needs. With inevitable public spending cuts to come, we will continue maximise our support to enterprises that are making a real difference to the communities and people they serve.”
Charity Bank has headed New Philanthropy Capital’s call for charities to improve their social reporting. At its AGM, the bank will release details of the first social impact study of its lending activity. This report has found that 88% of borrowers reported that a Charity Bank loan had made a major or significant contribution to the achievement of their mission; 69% of borrowers had secured additional sources of funding as a result of the Charity Bank loan; and the number of volunteers working with the bank’s borrowers rose substantially, by more than 67%;
Malcolm Hayday added: “I am especially pleased that private individuals are expressing their trust and confidence in a more transparent banking model that puts people at its heart. Charities too are recognising that they can make a difference not only through their day to day work but by also deciding where to place their money.”
www.charitybank.org
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.