Community Treasure Chest
Triodos Bank has successfully raised almost £4 million through the Community Investment Tax Relief (CITR) Scheme. And now comes the interesting bit. Triodos wants to lend this money to charities and enterprises that qualify under the rules of the scheme. And it's offering to waive arrangement fees, to make these loans even more attractive.
Benefiting organisations must work with disadvantaged groups or be based in deprived areas. Examples include homelessness initiatives, organisations supporting people with learning disabilities, training projects and social enterprises working in disadvantaged areas. Loans cannot exceed £250,000 and will need to be secured with property or guarantees. Triodos has already made 21 competitive loans in this way, including one to the Ley Hill Discretionary Trust.
"Borrowing (via Triodos Bank and the CITR scheme) has helped us buy a dilapidated property that our clients are renovating as part of their training. When it's completed we'll have safe, comfortable housing for future trainees. And the more stable our finances, the more confident we can be about our impact in the future. The loan has been crucial to giving us this peace of mind." Martin Warner, trustee of Ley Hill Discretionary Trust.
If you are interested, or know of an organisation that might be, please call free on 0800 328 2181 or email business@triodos.co.uk.
More details about the scheme can be obtained from the Small Business Service, an agency of the Department of Trade and Industry (DTI). Click here to visit their CITR webpages.
To find out more about Triodos Bank's range of services for charities and social enterprises click here.
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