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Charity Bank makes first £1m loan to region

Charity Bank makes first £1m loan to region

News
Charity Bank, the bank that only invests for social change, has approved its first £1m loan in the Yorkshire and Humber region for Newlands Community Association to support local residents and groups to improve local conditions. Since receiving funding from the regional development agency, Yorkshire Forward, in 2007, Charity Bank has now approved a total of £15m of loan finance for charities, social enterprises and community organisations across Yorkshire and Humber. The £1m loan from Charity Bank means that the Bradford-based community association’s plans to develop a new community hub and enterprise centre can now proceed. The new Centre will provide vital services to local organisations and communities, including 14 managed workspaces for small businesses. The Association will also be relocating from its current site to the new centre. Tony Holdich, CEO of the Association said: “It is immensely satisfying to be able to now forge ahead with our plans. Thanks to the loan from Charity Bank together with the support from Yorkshire Forward, Bradford Council & Social Investment Business, we are now able to fulfil our ambition to establish ourselves as a community anchor in East Bradford. We chose Charity Bank because they understood our plans and wider mission. They were able to work flexibly in partnership with our other funders.” Claire Trenaman, lending manager at Charity Bank said: “Newlands Community Association provides vital services to local organisations and residents. In times of difficult economic conditions, it is essential that organisations like the NCA are given every support and opportunity to grow and prosper in their role serving the local community. We are pleased to be part of their ambitious programme to build a community hub and enterprise centre.”