Charity Bank has announced record loan growth to charities and social enterprises. Outlining its results for the first 6 months of 2010, Charity Bank revealed that loans agreed to charities and social enterprises totalled £20,932,750, compared to £22,902,216 for the whole of 2009.
Charity Bank is the only authorised bank in the UK that is also a registered general charity. Its Chief Executive, Malcolm Hayday, said: "Some of the organisations we have supported have come to us because their funding has been withdrawn, while others have been attracted by the certainty and service we offer.
"We remain open for business and are actively encouraging applications from the sector. As the public spending cuts come into effect we will continue to maximise our support to enterprises that are making a real difference to the communities and people they serve.”
Charity Bank also announced that deposits have increased by £5.3 million in the first six months of 2010, and now stand at £49.6 million.
Charities and social enterprises can currently apply for a preferential rate (a 0.5% reduction in its existing lending rates) for new loans drawn before the 31 December 2010.