Loan lending up for small business bank accounts

Six month figures from both Triodos Bank and Charity Bank show that both banks are on their way to breaking records for business loan agreements for small business bank accounts this year.

During the first half of 2010, Charity Bank agreed to over £20 million in new business loans.  If that rate stays the same, Charity will more than double its entire 2009 lending rate, which stood  at  £22.9 million.

Triodos Bank is faring even better; while last year loans topped out at £41 million over an entire twelve month period of 2009, the bank has loaned £34 million alone in only half that time, providing venture capital to new start-ups.

Both Triodos and Charity specialise in offering business loans to charities, ethical enterprises, and related small business bank account holders.

Charity Bank chief executive Malcolm Hayday stated that the increase in business loan agreements only illustrates the excessive difficulties that social enterprises and charities have been routinely encountering in their fundraising efforts in the current economic climate.

Hayday continued on to say that many of the organisations his bank has come to support originally approached Charity Bank because the funding they had secured in previous years has either dried up or been withdrawn.  Hayday concluded by re-iterating Charity Bank’s support to small business bank account holders that exemplify such philanthropic pursuits such as striving to make a lasting difference to the people and communities they reach.

Triodos Bank continues to provide support to its clients through the economic downturn as planned said Tracy Axten, Triodos’ relationship manager.

She commented that Triodos wants to continue supporting their customers through hard times, especially in light of all the recent public sector budget cuts.

The ethical bank has seen a high volume of growth as of late, notably with health-care groups and housing associations.

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