Mercers' Charitable Foundation invests a further £1m in Charity Bank

The foundation becomes the third largest shareholder in the bank after Big Society Capital and the Charities Aid Foundation

Charity Bank: a further £1m of investment
Charity Bank: a further £1m of investment

The Mercers’ Charitable Foundation has invested a further £1m in Charity Bank.

The £1m contribution represents a five-fold increase of the initial £200,000 investment made by the foundation in 2005.

The bank lends between £50,000 and £2.5m to social sector organisations, or up to £3.5m for housing associations and larger amounts in partnership with other social lenders.

The Charity Bank approved 79 new loans between March 2014 and March 2015 to social sector organisations worth about £37m, compared with 57 loans worth almost £12m the year before.

This latest investment by the Mercers’ Charitable Foundation makes it the third largest shareholder in Charity Bank after Big Society Capital and the Charities Aid Foundation. Last year, BSC agreed to invest up to £14.5m in the bank between 2014 and 2016.

The Mercers’ Charitable Foundation is funded by the The Mercers’ Company, which originally traded in luxury textiles, but now concentrates on making grants to support programmes in education, general welfare, church and faith, and arts and heritage.

George Blunden, chairman of Charity Bank, said in a statement: "We’re owned by the sector and run for the sector, as all of our shareholders are either charities or social sector organisations and share in our goal of building a better future in this country. As we move away from grants towards social investment, the Mercers’ Charitable Foundation’s backing is a further strong endorsement of Charity Bank’s plans to grow."

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