Charity Bank plans to grow its balance sheet to £500m over ten years

Chief executive Malcolm Hayday says the sector has a 'massive unmet need' for borrowing

Malcolm Hayday
Malcolm Hayday

Charity Bank is planning to grow its balance sheet to about £500m over the next decade, according to Malcolm Hayday, its outgoing chief executive.

Hayday told Third Sector that the bank, which provides credit to small and medium-sized charities, has grown from having £6m in funds when it started a decade ago to about £85m this year.

"The trustees have committed themselves to growing the balance sheet to £250m in the next five years, and £500m in the five years after that," said Hayday, who is standing down from the role later this year.

He said that there was a massive unmet need for borrowing in the charity sector and that the bank could continue to grow steadily by "just continuing to do what we do best".

He said the bank’s loans tended to average about £150,000 and were usually to buy assets.

"However, we’re seeing more need for unsecured working capital," he said. "The average loan has also grown larger in the past year. At the moment it’s £300,000 or £400,000."

David Ainsworth recommends

Charity Bank

Read more

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus