Charity Bank loans on the rise

Figures show appetite for social banking, says chief executive Malcolm Hayday

Charity Bank has reported a 40 per cent increase in loans to charities and community projects in the year to April 2009.

Loans from the social lender grew to £29.2m at the end of March 2009, compared with £20.8m the previous year. Deposits grew by almost 7 per cent and had topped £40m at the beginning of May, the charity said.

The results show a sixfold increase in loans since the Charity Bank's launch in 2002. The bank expects that drawn loans, which have risen to £29.4m, will top £30m for the first time by June.

Malcolm Hayday, chief executive of Charity Bank, said: "Our growing loan book – and negligible default rate – is proof of the need for a bank that serves just charities, community groups and social enterprises. Not only are they credit-worthy – they're achieving lots with relatively modest sums."

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