Yesterday’s blog article revealed some of the toughest challenges faced by social enterprises with funding high on the list. Today’s article shows that Charity Bank is doing its best to lend a hand - in fact, it is lending a whole lot more, with £35.8m going to charities and social enterprises in 2009; representing a 31% increase on 2008. Indeed, Charity Bank is the only UK bank that uses its deposits exclusively for social enterprises and charities and since 2002 its lending has exploded 7 fold. Chief executive Malcolm Hayday thanks private individuals for their trust and confidence that has helped Charity Bank to grow at a time when economic conditions are making charities and social enterprises even more in demand. The results fuel the trend noticed by Philanthropy UK in August 2009 which has seen social banks increase their deposits and lending. Triodos Bank lends exclusively to sustainable organisations and 2009 represented a 31% increase in lending to £1.45bn, a record in its 30 year history. If results like these continue, the funding problems faced by social enterprises can only improve.
Read the full article at Philanthropy UK.
