06/02/2023
Charity Bank uses savers’ money to provide much-needed loans to UK charities and social enterprises working to drive positive social change – bringing benefits for people, communities and the environment.
The Church of England Social Impact Investment Programme is managed by the Archbishops’ Council and was established in 2020 to support projects which share the Church of England’s Christian values and benefit society.
The investment will enable Charity Bank to make more than £8.8m in new loans to charities, social enterprises and faith based organisations serving their communities. Charity Bank has over £315m in deposits from a wide range of charities, social enterprises, faith-based organisations and ethically conscious individuals.
Vanessa Morphet, Head of Social Impact Investment at the Archbishops’ Council, commented on the investment: “Charities, social enterprises and faith-based organisations provide key services to communities in areas such as housing, social care, food banks, skills development and tackling loneliness. Charity Bank loans are a vital part of the funding landscape for these organisations enabling them to sustain, improve and grow their services. We are delighted that our equity investment will enable Charity Bank to support more of these organisations across the UK.”
Ed Siegel, CEO at Charity Bank said: “Investment capital is vital to our mission. It underpins our lending activity and enables us to leverage our savers’ money. For every £1m of capital, we can make more than £8m of loans to the charities and social enterprises that are tackling some of the most challenging issues facing UK society today.
“We are very excited about the potential of this partnership, particularly as we seek to grow our activities in the ‘green lending’ space, which is a specific area of interest for the Church, and as we continue to expand our lending to housing and social care providers, Christian charities and other faith based organisations. We look forward to working together to use our financial resources to build a better world.”
Charity Bank is uniquely owned by charitable trusts and foundations and other social purpose organisations. By investing in Charity Bank, the Church of England’s Social Impact Investment Programme joins this esteemed group as they continue to enable the bank to support UK charities and social enterprises.