FINANCE NEWS: Charity Bank hands out first loans since launching in May

The Charity Bank, the Charities Aid Foundation sponsored not-for-profit bank, has made its first loans since its launch.

The bank, which is not due to accept deposits from the public until September, was registered with Financial Services Authority as a regulated financial institution on 1 May. Since then it has agreed to make five loans totalling around £500,000.

The Soil Association will receive the largest loan - £200,000 - to expand services to meet demand for organic food.

The Factory Community Project, which provides childcare, education and training in north London, receives £100,000.

Charity Bank's chief executive Malcolm Hayday said: "All five loan requests have been carefully assessed to ensure that the funding packages we have put together with the organisations are suited to their particular needs and repayment abilities."

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