Marking the feat, Charity Bank has announced 25% discount on loans to Social Enterprise Mark holders
Charity Bank, an ethical bank that uses savings to make loans to charities and social enterprises, today announced it has become the only UK bank to be awarded the Social Enterprise Mark (SEM), which demonstrates it puts people and the planet before shareholder profit.
To celebrate the new accreditation, Charity Bank has also announced a partnership with SEM CIC to offer Mark holders a 25% reduction on their standard loan arrangement fee at a National Social Enterprise conference held today.
Subjected to an assessment process, which is overseen by an independent Certification Panel, Charity Bank’s company documents and accounts were scrutinised. As a result, Charity Bank has earned the Social Enterprise Mark, which checks whether profits are re-invested into activities that benefit society.
Patrick Crawford, chief executive of Charity Bank, said: “Being the only UK bank to receive the Social Enterprise Mark is a great honour for Charity Bank. “Charity Bank was always going to be different. We’re not driven by trying to maximise our profits – rather we seek to find ways of saying ‘yes’ to those making a positive impact on society when others say ‘no’.
“To date, we have approved £200 million-worth of loans to more than 1,000 charities and social enterprises that are improving lives and communities across the UK.
“The Social Enterprise Mark is an independent certificate of why we’re in business and how we use our profits, and a testament to our future direction.”
In 2014, Charity Bank generated 155 loan applications worth £70 million, more than double the value of applications in 2013 (£32 million) and made commitments to lend £33 million, almost three times the value of commitments made the previous year (£12 million).
Lucy Findlay, Managing Director, Social Enterprise Mark CIC, said: “To achieve status as the only UK bank to be awarded The Social Enterprise Mark is a major feat. The Mark is the guardian of genuine social enterprise principles and is a guarantee for businesses which use their profits for purpose, not for shareholders’ pockets, as Charity Bank has clearly demonstrated. We have no doubt it will inspire others to follow this great example of social enterprise.”
“To achieve status as the only UK bank to be awarded The Social Enterprise Mark is a major feat."
- Lucy Findlay, Managing Director, Social Enterprise Mark CIC