Bank offers loan to cover for delayed grants

Unity Trust Bank has launched a new short-term bridging loan for sector organisations that are waiting to receive grant funding.

The bank said it recognised that many voluntary organisations relied on grant funding but often had no control over when the cheques arrived.

“Our experience is that many organisations face delays in receiving funding after they have secured it,” said Mark Davies, head of charities at the bank. “Nevertheless, they still have staff to pay and bills to meet. Not having quick access to the necessary funds can be extremely worrying and affects their ability to operate effectively.”

He said the loan would generally be offered for a maximum of three months but could be extended in exceptional cases. He said it could also be cancelled if the grant was received earlier than expected.

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