Finance: Triodos brings an end to loan fees

Charity banking specialist Triodos has stopped charging fees for negotiating loans with organisations that qualify for lending under Community Investment Tax Relief.

The bank has funds to lend from individual and company savings accounts deposited under the tax relief scheme.

The loans are available only to bodies that work with disadvantaged communities, such as employment initiatives or regeneration projects. Arrangement fees are normally 1 per cent of the loans, but these have now been waived.

Triodos has already made 21 loans under the rules of the scheme to groups including the Berkhamsted-based Ley Hill Discretionary Trust, which provides training for unemployed people.

The Community Investment Tax Relief gives 5 per cent tax relief to individuals and companies that invest in 'community development finance institutions' such as Triodos. The money must be lent to poorer communities.

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