Finance News: 'Best ever' lending year for ICOF after Co-op bank link-up

Industrial Common Ownership Finance (ICOF), a community development finance initiative, has recorded its best lending year.

Chairman Jon McColl told ICOF's 31st AGM last week: "Not only was this the best year ever of lending, but in the past five years the total money lent has exceeded that in the previous 25."

The growth has been achieved through collaboration with the Co-operative Bank. Under the Government's Community Investment Tax Relief scheme, the bank made credit available for onward lending by ICOF.

In the first year of the tax relief scheme, 40 per cent of the money has been loaned out. ICOF also manages the Co-operative Action loan fund, which includes a mixture of grants and loans.

In addition, ICOF has formed a partnership with the Wales Co-operative Centre, helping workers to buy out businesses that would otherwise have closed.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Follow us on:
  • Facebook
  • LinkedIn
  • Twitter
  • Google +

Latest Jobs

RSS Feed

Third Sector Insight

Sponsored webcasts, surveys and expert reports from Third Sector partners


Expert Hub

Insurance advice from Markel

Guide: What insurance does your charity need?

Guide: What insurance does your charity need?

Partner Content: Presented By Markel

Third Sector Logo

Get our bulletins. Read more articles. Join a growing community of Third Sector professionals

Register now