Lifeline for charities hit by Iceland crisis

Social lender Charity Bank has said it is able to lend short-term working capital to charities facing cash flow problems because of the Icelandic banks crisis.

Mike Hicks, head of lending at Charity Bank, said his organisation could support charities that were unable to get help from commercial lenders.

"Any charity that has funds stuck with Icelandic banks and is watching its cash flow slowly drying up is unlikely to be an attractive proposition to a commercial bank in current market conditions," Hicks said.

"We are part of the banking sector but, as a charity, we also want to be part of the solution," he added. "We should be delivering on our mission and offering assistance to charities that are feeling the squeeze as a result of market failure."

Malcolm Hayday, chief executive of Charity Bank, has written to umbrella body the NCVO, chief executives body Acevo, the Charity Finance Directors' Group and the Charity Commission to outline his organisation's offering.


Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Already registered?
Sign in

Latest Jobs

RSS Feed

Third Sector Insight

Sponsored webcasts, surveys and expert reports from Third Sector partners


Expert hub

Insurance advice from Markel

How bad can cyber crime really get: cyber fraud #1

Promotion from Markel

In the first of a series, we investigate the risks to charities from having flawed cyber security - and why we need to up our game...

Third Sector Logo

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

Register now