Big Society Capital puts another £5m into Charity Bank

This is the second tranche of a £14.5m investment by the social investment wholesaler

Charity Bank
Charity Bank

The social investment wholesaler Big Society Capital has invested a further £5m in Charity Bank.

The money is the second tranche of a planned £14.5m investment in the bank. The first tranche, worth £4.5m, was invested in March 2014.

The move came as Charity Bank announced that it had already exceeded last year’s value of loan approvals by more than £20m, with three months remaining.

Charity Bank said it had made new loan approvals worth about £55.8m in the first nine months of 2016, compared with £34m for the whole of 2015.

This means that Charity Bank, an ethical bank that uses savings to make loans to charities and social enterprises, has lent more than £150m since 2002.

The £150m figure does not include all the loans that have been approved in 2016 but are not yet drawn down.

George Blunden, chairman of Charity Bank, said: "This investment gives us the capital we need to make loans to more social sector organisations.

"It provides a strong endorsement of what we do and expresses confidence in our ethos and our future. This injection of capital will enable us to build on our track record of effective and responsible lending to charities and social enterprises."

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