FINANCE NEWS: Charities uncertain over ins and outs of banking services

Charities are not aware of the services that banks offer them, according to a new survey.

Law firm Charles Russell found that many organisations do not know whether their bank can give them loans to expand their services or business activities.

According to a survey of 100 charities, 29 per cent did not know if their bank offered capital project finance and 25 per cent were uncertain if trading subsidiary finance was available.

However, most were satisfied with the service they received. Of those that were dissatisfied, 40 per cent cited poor communication as the reason.

"One thing the survey showed is that charities rely heavily on donations, which can be erratic,

said Simon Wethered, a partner at Charles Russell.

"These organisations need concrete financial foundations in order to carry out their vital work and this presents a great opportunity for banks to reconsider the sorts of services they offer, as well as to publicise what they offer."

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