A new bank has been launched for the socially conscious investor which takes deposits from consumers...
A new bank has been launched for the socially conscious investor which takes deposits from consumers and uses the assets to give charitable groups a source for affordable loans as well as others access to finance of terms they can meet.
Called Charity Bank, the new venture is backed by the Charities Aid Foundation, regulated by both the FSA and the Charities Commission and is built on the principles of Investors in Society which provides loans to charities.
Its aim is to provide essential financing which many charities, voluntary groups and associations might otherwise be unable to gain because of its ethical make-up by offering loans of between £3,000 and £250,000 and ploughing all profits back into the venture as a not-for profit organisation.
In order to do so, depositors are offered the choice of whether to take a financial return, or reinvest part or all of the interest back into social capital.
Its board of directors is made of several senior banking figures, all of whom either work for the major high street banks, charitable organisations or in higher education.
For borrower or depositor enquiries, contact Charity Bank by telephoning 01732 520029, or email enquiries through the right-hand link.
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November