FINANCE NEWS: First fruits of Co-op Bank fund given to charitable groups

Seven charities and community groups have received the first grants from a donation fund set up by the Co-operative Bank.

They have received funding of between £500 and £1,000 for projects including the installation of wind generators and the painting of murals in schools.

The money comes from the bank's Community Directplus account. For every £1,000 deposited, 10p is paid into the donation fund. All of the bank's voluntary sector customers can apply for funding.

Head of co-operative and sector development, David Dickman, said: "The establishment of the Community and Customer Donation Funds, which Directplus feeds into, sends out a clear message that the Co-operative Bank is the natural choice for charitable and community organisations."

The Customer Donation Fund will distribute at least £5,000 to customers that apply.

The Community Directplus account is designed for charities, community groups, social enterprises and co-operatives.

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