24/11/10
By Andrew Holt
Triodos Bank has announced its UK lending has broken through the £300m barrier and early next year it expects to reach half a billion pounds of lending and commitments.
Loans to customers including Glastonbury festival’s Michael Eavis have enabled the bank to grow its UK lending by 20% (£50m) in the first three quarters of 2010.
Triodos Bank, which this earlier this year celebrated 15 years in the UK, has pioneered an ethical, transparent and sustainable banking model and only finances organisations that deliver social, environmental or cultural benefits.
Key UK figures for 2010:
Lending is £300 million with a further £160 million of commitments
Gross new loans paid out were nearly £65m in the year to date
Dr Bevis Watts, head of business banking at Triodos, said: “At a time when mainstream banks are still being challenged to increase their lending to businesses, the Triodos banking model means that our lending growth is supporting real social and environmental change.
“As a result we are continually investing to develop our team and ensure we have the right infrastructure and resources in place to support this burgeoning growth.
“And against the background of deep cuts in public sector spending revealed in the recent Spending Review we want to continue to support our customers through difficult times and find innovative new ways of financing social and environmental projects.
“We believe the current economic turmoil presents a wide range of opportunities for social and environmental organisations and we are committed to supporting their visions.”
Triodos uses money saved by its customers to finance organisations that benefit people and the environment.
New customers to borrow from Triodos Bank during the last six months include Kings Church in Catford, London, to which Triodos provided £2m to enable the purchase of a new community church premises, and Gary and Linda Wright of Barton Farm in Devon, who were faced with losing the life tenancy of their farm after Devon County Council wanted to put it up for sale.
A £2m finance package from Triodos helped ensure their future on the organic dairy farm.
Earlier this year Triodos also provided a £500,000 loan to fund the installation of the UK’s largest solar roof on top of a barn at Glastonbury founder Michael Eavis’ Worthy Farm in Somerset.
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Triodos Bank has announced growth to its UK lending of 14 per cent during the first half of 2010. Loans to customers including the Glastonbury festival’s Michael Eavis have enabled the bank to increase its total UK lending to £282m, a £34m net increase on the end of 2009. The results mean Triodos is set to perform significantly better than last year, when the bank’s lending grew by 20 per cent or £41m over the year.
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