New UK charity bank will lend to charities and social enterprises. (Voluntary Sector).LONDON London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. -- UK charity bank--Britain's first not-for-profit Not-for-profit An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses. bank will begin in September September: see month. to accept deposits from people who want to use their savings to provide loans to charities and social enterprises. Charity Bank is both a registered charity and a financial institution, regulated by both the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. and the Charity Commission. It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have only business will be to accept deposits in order to provide loans to the charitable sector. The bank hopes to have 6 million [pounds sterling] in deposits in the first year and to loan a total of 4 million [pounds sterling]. The bank is an expansion of the community loan fund Investors in Society, which has loaned 10 million [pounds sterling] to 200 voluntary organizations since 1996. The average borrower was a medium-sized charity with annual cash flow between 100,000 [pounds sterling] and 1million [pounds sterling]. The advantage of becoming a bank, said chief executive Malcolm Hayday, is the ability to attract depositors by offering interest rates of up to 2%. The result is more money available for lending. The immediate goal is to promote acceptance of loan finance as a means of funding charitable enterprise, he said. |
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