Published: 00:01, 25 July 2014 |
An ethical bank doubled its lending to charities and social organisations in the first half of this year.
Tonbridge-based Charity Bank approved £11m of loans from January to June, compared with £6m in the same period in 2013, an increase of 83%.
It approved just £5m of loans in the same period in 2012, indicating charities are “starting to regain confidence about the economy”, according to chief executive Patrick Crawford.
He said: ”They are becoming more ready to borrow in order to grow their activities where it is prudent to do so.
“Social sector organisations can benefit if they diversify their sources of revenue and embrace mixed funding, including borrowing.
“By doing so they can strengthen their organisations, grow their revenues, unlock other funds and expand their impacts.
“The increase in demand for our loans has also been prompted by the effect of cuts in public sector spending on the social sector, compounded by the lack of finance for smaller charities from large commercial banks.”
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