Charity Bank
Charity Bank is an ethical bank and a charity based in the United Kingdom, with offices in London, Cardiff, Tonbridge and York.
Charity Bank is an independent not-for-profit bank that makes loans to charities and social enterprises with the support of personal and organisational depositors.
Mission
Charity Bank was founded in 2002 to provide low-cost loans to charities, many of which find it difficult to access finance on terms they can afford.
As a registered charity, all of Charity Bank's operating surpluses are reinvested in the charity sector. The Chairman and board of Charity Bank are unpaid, giving their time voluntarily.
Loans
Charity Bank provides low cost loans to not-for-private-profit organisations enabling charitable or social enterprise activities to be pursued, often where commercial lenders are unwilling to lend.
In 2012 Charity Bank reported a loan write-off rate, of less than 0.5% of its total lending.
As well as assessing the creditworthiness of organisations, Charity Bank prioritises organisations and projects that provide strong social benefits. Charity Bank measures the anticipated social impact of each loan application as part of its lending decision.
Savings
Savers can open term and notice savings accounts, such as a Cash ISA, and are sent an annual portfolio of all the loans the bank has made; so, savers can see exactly how their money is used.
All savers are invited to meet charities from their local community that have been supported by Charity Bank, as a direct way of sharing the difference their savings make.
Savers are also invited to attend an annual Open Day where they can hear from the organisations supported and speak with Charity Bank Staff and Trustees.
See also
- Big Society Capital