Charity Bank helped charities access £12m amid Covid pandemic

Charity Bank figures show that it helped secure access to nearly £12m in loans and small grants to 27 charities and not for profit organisations impacted by the Covid pandemic.

It says that the pandemic loans made make it the most active intermediary of loans made through the Resilience and Recovery Loan Fund, set up by the government and social enterprises to support charities affected by the health crisis.

In addition, the Charity Bank attracted £5m in new equity capital from new and existing shareholder over the pandemic, including from Garfield Weston Foundation, Barrow Cadbury Trust and the Clothworkers Foundation.

For the year ending December 2021 it made its largest ever surplus, of £0.9m, and made £51m in loans to charities and social enterprises, the most in its history.

The Banks aims to expand its services to support traditionally underserved charities and good causes, such as those working with minoritised communities.

“Despite the ongoing pressures of the pandemic, we have been able to step up our support at a time the social sector has needed us,” said Charity Bank chief executive Ed Siegel.

He added: “Our record results put us in a strong position to continue growing our lending activities, and therefore our social impact.

“It also enables us to expand our services and reach more organisations that wouldn’t otherwise be able to access loan finance on affordable terms. This work is already underway and includes strengthening our Social Lending Team to support our aim to lend more to smaller underserved charities and social enterprises, including organisations that are working with minoritised communities.”

Earlier this week Charity Bank announced it is taking part in a global four-day week pilot for staff. This has been created by 4 Day Week Global and aims to promote flexible working options for employees.

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