29 January 2008
The Community Foundation for Northern Ireland has announced a £500,000 capital investment in Charity Bank. The first-ever investment by a Community Foundation in the UK’s only not-for-profit bank, the funds will help Charity Bank to increase its affordable social loans to community organisations, charities and social enterprises in Northern Ireland.
According to Avila Kilmurray, Director of the Community Foundation for Northern Ireland, the social investment aims to ease the sector’s transition from dependence on European funding and to increase the sustainability and impact of local third-sector organisations. In addition, Charity Bank is providing a social dividend to CFNI to help develop staff expertise in building community assets.
“We are delighted to make this innovative investment and look forward to developing our relationship with the Charity Bank in the longer term”, said Kilmurray.
Malcolm Hayday, Chief Executive of Charity Bank, welcomed the innovative investment. Says Hayday: “We look forward to developing our partnership, helping productive community asset-building and enabling disadvantaged communities to maximise income-generation. This will also strengthen the Community Foundation’s role as more than a grant-maker both in Northern Ireland and among community foundations.”
Charity Bank is a unique organisation: the world’s only authorised bank that is also a registered general charity. Launched in 2002, it aims to transform the financial landscape of the sector by facilitating a more diverse approach to funding, improving organisational strength, and setting organisations on the road to independence.
Charity Bank works to increase the long-term viability of community organisations, and the sector as a whole, supporting those working in under-served areas which typically can’t get access to finance through commercial lenders. To date it has agreed loans totalling more than £55 million for more than 500 charitable organisations, over 60 per cent of which has been targeted in under-served communities, reaching three million people across the UK.
Organisations interested in finding out more should contact Fiona O’Toole at the Community Foundation for Northern Ireland on 028 9024 5927 or Niamh Goggin, Charity Bank on 07702 835672 for further details.