Today, Charity Bank announces a £5 million deposit injection from the independent charitable trust, Power to Change. With seven in ten people agreeing that charities should invest their savings and investments ethically, Charity Bank is calling on other organisations to align their money and mission.1
The deposit will increase Charity Bank’s lending capabilities, improving access to finance for charities and social enterprises. This is increasingly important, as 78% of those who borrowed money from Charity Bank say their project would not have gone ahead without it and 30% said it helped keep the organisation afloat.2
The organisations helped by Charity Bank include Imago, a social action charity supporting communities across the South of England which purchased a new premises with funding from Charity Bank, and Burton Street Foundation (pictured), a community benefit society in Sheffield which has also been supported in the past by Power to Change. Burton Street Foundation works with almost 250 adults and 50 children every week, with needs ranging from moderate learning difficulties, to profound and multiple learning disabilities.
Ed Siegel, Chief Executive at Charity Bank comments, “Responsible investment is an important and growing area of focus for many charities and social enterprises. This deposit from Power to Change will undoubtedly help us in our mission to provide social enterprises with the financial resources they need to help vulnerable people and communities across the UK, outcomes which, we understand, are supportive of the social objectives of Power to Change.”
Vidhya Alakeson, Chief Executive at Power to Change said: “Power to Change exists to create better places through community business and we know that by saving with Charity Bank, our cash is being used as a powerful tool for social change. The deposit we’ve made will support Charity Bank in tackling some of the most challenging societal issues facing the UK today, while still earning a good rate of interest, which is great news for our endowment and for improving lives.”
Charity Bank is encouraging charities to invest their savings and investments ethically and in support of their mission, through its Money on a Mission campaign which launches today; you can read more about it here.
For more information please contact:
Amelia Graham/Sophie Paterson: 020 3890 8127/ CharityBank@FullyVested.com
About the research:
1 An online survey of 4,000 nationally representative UK adults (aged 18+) carried out between 27th February and 6th March 2018 by Opinium on behalf of Charity Bank. The results have been weighed to nationally representative criteria.
2 Charity Bank Impact survey was conducted in February and March 2019. It was sent to 235 of Charity Bank’s current borrowers, with 105 completing the survey either online or via a telephone interview.
About Charity Bank: Charity Bank is the loans and savings bank for charities, social enterprises and people who want to make the world a better place. It uses its savers’ money to provide much needed loans to UK organisations working to drive positive social change – bringing benefits for people, communities and the environment.
Since 2002, Charity Bank has made 978 loans totalling over £270m to housing, education, social care, community and other social purpose organisations. Charity Bank is owned by social purpose organisations and aims to use its expertise, commitment and flexible approach to lending, to help charities and social enterprises get the support and funding they need.
Important information: Registered Office: The Charity Bank Limited, Fosse House, 182 High Street, Tonbridge, Kent TN9 1BE. Company registered in England and Wales No. 4330018. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register No. 207701. The services/products referred to in this document are intended for use by United Kingdom (UK) residents only. Nothing in this press release constitutes advice or a recommendation and professional advice should be taken before any course of action is taken.
About Power to Change: Power to Change is the independent trust that supports community businesses in England.
Community businesses are locally rooted, community-led, trade for community benefit and make life better for local people. The sector is worth £1.05 billion, and comprises 7,800 community businesses across England who employ 33,600 people. (Source: Community Business Market 2018)
From pubs to libraries; shops to bakeries; swimming pools to solar farms; community businesses are creating great products and services, providing employment and training and transforming lives. Power to Change received its endowment from the National Lottery Community Fund in 2015.
About The National Lottery Community Fund: We are the largest community funder in the UK – we’re proud to award money raised by National Lottery players to communities across England, Scotland, Wales and Northern Ireland. Since June 2004, we have made over 200,000 grants and awarded over £9 billion to projects that have benefited millions of people.
We are passionate about funding great ideas that matter to communities and make a difference to people’s lives. At the heart of everything we do is the belief that when people are in the lead, communities thrive. Thanks to the support of National Lottery players, our funding is open to everyone. We’re privileged to be able to work with the smallest of local groups right up to UK-wide charities, enabling people and communities to bring their ambitions to life.