Charity Bank lending up as funding falls

Charity Bank lent almost the same amount in the first half of 2010 as it did over the whole of last year, the social lender has announced.

Its total loans in the first six months of 2010 were £21m, compared with £23m in the entire previous year. The bank's total deposits, from more than 2,000 depositors, rose by £5.3m from the 2009 level of £49.6m.

Malcolm Hayday, chief executive of Charity Bank, said lending had increased in part because of the fall in lending from government-backed organisations such as Futurebuilders, but also because of the withdrawal of other funding for charities.

He said he expected to see a further rise in the bank's lending as public sector spending cuts took effect.

"We remain open for business and are actively encouraging applications from the sector," Hayday said. "We will continue to maximise our support to enterprises that are making a real difference to the communities and people they serve."

The bank has also said it will reduce its rates by 0.5 per cent for charities that take out new loans before the end of the year.

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