Charity Bank Launches Free Consultations Service


The UK’s
Charity Bank, which recently issued a borrowing guide for charity trustees
, is launching
free consultations for potential borrowers with its experienced regional
lending managers.  


It said
that the service is in response to its research which shows that, while UK charities
increasingly need to borrow money in pursuit of their mission, they are often
unsuccessful in obtaining affordable finance from high street banks.


During
these consultations, the bank’s regional lending managers will explore the
suitability of loan finance for third sector organisations. Charity Bank added
that its involvement with such organisations makes it well placed to understand
their needs and, if a loan is not the best option, can often refer them to
other organisations which might be able to provide a more suitable solution. To
request a free consultation, organisations can visit: www.charitybank.org/charity-loans


“Free
consultations have always been part of the bank’s service,” said Carolyn Sims, head
of banking at Charity Bank. “However, as the need for borrowing continues to
increase and high street banks are not necessarily responding to the demand, we
believe that we need to add local knowledge to our toolkit to better advise organisations
looking for finance.


“We
believe that by extending our consultations to include regional managers we can
provide even better support at a time when third sector organisations really
need it.”


Charity
Bank’s research included a survey, conducted by Technology Trustand and
published in September, that found that while nearly two-thirds (65%) of
respondents agree that loans can help charities further their mission, less
than a third (31%) of those who approached high street banks for a loan ended
up taking one. 29% had their application turned down and 40% were offered a
loan but did not take it up because it was too expensive or the conditions were
too onerous.

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