Charity Bank helped voluntary organisations access £12m of emergency loans during pandemic

Charity Bank helped voluntary organisations access loans worth nearly £12m during the Covid-19 crisis, latest figures show. 

The bank’s annual report for 2021, published today, says Charity Bank was the “most active intermediary” in the Resilience and Recovery Loan Fund, through which charities and social enterprises could apply for £25m in government-backed emergency loans.

Charity Bank helped 27 organisations access loans through the RRLF in 2020 and 2021, according to the accounts.

The bank made new loans worth £51m to charities last year, the highest amount in its history, and ended the year with a surplus of £900,000.

Ed Siegel, chief executive of Charity Bank, said: “Despite the ongoing pressures of the pandemic, we have been able to step up our support at a time the social sector has needed us.”

He added that the bank’s performance left it in a strong position to increase its lending and “expand our services and reach more organisations that wouldn’t otherwise be able to access loan finance on affordable terms”.

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