Kent, UK based social enterprise bank Charity Bank has raised £2.5m in venture funding from Big Society Capital. Charity Bank is an ethical bank that uses savings to make loans to charities and social enterprises and has lent over £180 million since 2002.
Charity Bank is run for the sector and owned by the sector, as all of its shareholders are charitable trusts, foundations and social purpose organisations. This further investment from Big Society Capital will allow it to make more loans to social sector organisations in the coming years. This investment is made as Charity Bank experiences continued growth. Charity Bank has had a strong start to the year with £28 million of new loan approvals in the first five months of 2017. This continues the momentum since Big Society Capital’s initial investment in 2014, with the loan book growing by over 25% per year in the two years to 31st December 2016.