Charity Bank, which lends solely to charities and community organisations, is offering free consultations for potential borrowers with their Lending Manager for London and the South of England, Jaishree Mistry.
Research conducted by the bank found that increasingly, charities need to borrow money to pursue their missions. However, these organisations are often unsuccessful in obtaining affordable finance from high street banks.
Jaishree, who spent many years in commercial banking and with the Prince’s Trust Business Programme, is passionate about seeing banking and enterprise used for the good of society. As a result, she intends to use her extensive knowledge in the free consultations to explore the suitability of loan finance for charities.
Her involvement with numerous organisations in the south of England means that she has great local knowledge and is well placed to refer her clients elsewhere if a loan is not the best solution.
Jaishree said: “We believe that we should use our local knowledge to provide better advice than high street banks to organisations looking for finance.”
She added: “Free consultations have always been a part of Charity Bank’s service and are especially important now as the need for borrowing continues to increase and high street banks are not fully meeting this demand.”
Charity Bank’s research included a survey that discovered that while 65% of respondents agreed that loans could help charities, 29% had their application turned down and 40% were offered a loan but it was too expensive or the conditions were too onerous to take up.
Jaishree continued: “Charity Bank not only comprehends the sector but also has a regional presence that helps us better understand local requirements. Our knowledge can be invaluable in helping organisations.”
Charity Bank has previously given aid to a number of Sussex organisations including Ditchling Museum, East Sussex Disability Association, Fiveways Playcentre, Lewes and District YMCA, Old Hastings Preservation Society and Trafalgar Road Baptist Church.
Bevern View near Lewes, a purpose-built bungalow for eight young adults with profound learning disabilities, also received help from the bank when it borrowed £318,000 for a hydrotherapy pool and three extra beds.
About the assistance his organisation received, Ian Pounce, Executive Director of Bevern View, said: “The loan from Charity Bank was crucial. We simply could not have extended our care home to provide a much-needed respite care service and hydro therapy pool without it.”
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