Charity Bank to receive 1M million grant
£1million loan investment boosts local ‘Third Sector’
Community and voluntary groups in Northern Ireland are set to benefit from a £1 million investment in Charity Bank by the Building Change Trust.
One of the aims of the Trust is to establish a permanent loans fund for the sector – and this £1 million investment in Charity Bank will help ensure that suitable loan finance will be available to charities and community organisations.
Charity Bank is committed to growing this investment in Northern Ireland further by raising additional deposits. Charity Bank will also be delivering a 5-year Investment Readiness Programme to strengthen financial capability in the sector.
The availability of alternative finance in a climate of reduced grant aid and donations will help sustain community activity and services into the future
Trust Chairperson Bill Osborne, is enthusiastic about this investment, saying; “Our vision for the community and voluntary sector is one where organisations are capable of excellent delivery while coping with shifting financial foundations.
“We recognise that now and into the future the sector will operate in a time of reduced and constrained funding and that innovation and changes in funding and financing arrangements are both inevitable and desirable.”
This £1 million investment in Charity Bank will help organisations consider loan finance to support positive activity or to continue to build change .
Frank Hewitt, the Big Lottery Fund’s NI Chair said: “The creation of the Building Change Trust marks a new way in which National Lottery Good Cause funding is being distributed in Northern Ireland. “Today’s announcement of an investment of £1 million into Charity Bank will allow community and voluntary organisations across Northern to consider loan finance to support them in building for the future.”
Charity Bank finances charities and community organisations, with the support of depositors and investors who want to use their money to achieve social change. Charity Bank has financed over 880 organisations that have benefited at least 3,500,000 people.
Malcolm Hayday, chief executive of Charity Bank, said; “This investment will enable us to further our work of transforming the opportunities for charities and community organisations in Northern Ireland.” “At a time when the recession and public spending cuts will inevitably have a damaging effect this investment will enable us to maximise our support to charities that are making a real difference to the communities and people they serve.”
For further information on the Trust’s strategy e-mail or call the Trust Administrator Nigel McKinney on 028 90 408 726.
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