New £50m loans fund for sector

Unity Trust Bank has launched a £50m social economy fund that will provide loans to third sector organisations.

The bank said it had established the fund to meet the “growing demand” for loan finance from charities, voluntary organisations, and social enterprises. It is specifically designed for organisations experiencing “substantial growth”.

Each organisation applying for funding will be able to borrow between £500,000 and £5m.

Adrian Oldman, head of marketing and communications at Unity Trust Bank, said: “We have noted an increased demand for access to this type of borrowing over the past year and have formed the fund to ensure that the requirements of our new and existing third sector clients are met.”

“The rates and terms associated with the new finance will of course be tailored to the needs and circumstances of our borrowers.”

Organisations wishing to discuss the social economy fund should contact Mark Davies, charities manager, on 0121 616 4301 or at mark.davies@unitygroup.co.uk.

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