Charity Bank Announces Record Lending and Surplus
GABV member Charity Bank has announced its annual results for the year ended December 2021. The ethical bank made its largest ever surplus of £0.9 million that will be re-invested in support of its social mission, whilst making £51 million in new loans to charities and social enterprises, more than any other point in its history.
In addition, Charity Bank was the most active intermediary of loans made by the Resilience and Recovery Loan Fund (RRLF) across 2020 and 2021, helping to secure nearly £12 million in loans and small grants to 27 organizations affected by the Covid-19 pandemic.
Ed Siegel, CEO of Charity Bank said: "Despite the ongoing pressures of the pandemic, we have been able to step up our support at a time the social sector has needed us. Our lending to UK charities and social enterprises facilitates positive social outcomes by our borrowers. With the help of a Charity Bank loan and support, our borrowers are able to help improve their financial position, enhance the quality and reach of their services, and are left in a better position to deliver their mission."
Read the full article here, and access both the Charity Bank 2021 Annual and Social Impact Reports.