Charity Bank reveals record growth

Written by Joe Lepper

Charity Bank has announced record growth during the first quarter of 2018.

The ethical loan and savings bank, which is owned by charities, trusts and other social purpose organisations, lent £15.2m to charities and the good causes sector during the first three months of 2018, more than in any previous quarter in its history.

Its latest quarterly figures also show that its loan book has grown by 120 per cent since early 2015.

During 2017 it lent £34.1m, up from £27.9 the previous year and £24.7m in 2015. In total it has lent more than £215m to around 650 social sector organisations since 2002.

Charity Bank chief executive Patrick Crawford said: “Despite the challenging and uncertain outlook, charities and social enterprises have continued to take on new projects to address social needs.

“The resulting loan demand from the social sector has continued and shows no sign of slowing.”

Meanwhile, the bank has launched a campaign called ‘Bank On Us’ to promote its latest discounts. Those making a loan enquiry before the end of August and sign a loan agreement by the end of 2018 will face no arrangement fee or contribution towards legal and professional fees.

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