Charity Bank has pledged to invest £2.7m profit for a record set of financial results last year to “extend its reach to underfunded charities and social enterprises”.
It has confirmed that all its profit for the year ending December 2022 will be invested in the charity and social enterprise sector, with a focus this year on boosting funding for traditionally underfunded organisations.
This is part of a commitment to increase the range and diversity of organisations it backs, including setting “specific targets for reaching ethnically diverse enterprises and other groups that have experienced exclusion from social investment”.
The Bank’s latest financial figures show it disbursed a record £53.9m in new loans last year, with 60% directed towards organisations operating in underfunded and underserved areas.
A third said the financing had helped them stay afloat, according to a survey of 137 borrowers.
📣 Our annual results are out!
— Charity Bank (@CharityBank) June 8, 2023
In 2022:
💡 60% of our lending was directed towards organisations operating in the most underfunded and underserved areas of the UK;
🎉 we disbursed a record £53.9m in new loans; and
📈 achieved a record financial result with a significant… pic.twitter.com/vvnbdPU9Fq
“Our strong financial performance will enable us to expand our lending activities, which will help us to make an even greater social impact,” said Charity Bank chief executive Ed Siegel.
“During the cost-of-living crisis we have remained a reliable source of support for charities and social enterprises. By providing loans, Charity Bank helps these organisations to improve their financial position, expand their services, and better serve their communities.”
Its survey of borrowers also revealed that seven in ten were able to increase their services through a Charity Bank loan and nine in ten noted an improved quality of their services or facilities. Three in five experienced income growth and two in five reduced their operational costs.
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