£300m lending barrier broken by Triodos Bank in record year for ethical finance
24-11-2010 | Triodos Bank, the global leader in ethical and sustainable banking, today announced its UK lending has broken through the £300m barrier and early next year it expects to reach half a billion pounds of lending and commitments.
Loans to customers including Glastonbury festival's Michael Eavis have enabled the bank to grow its UK lending by 20% (£50m) in the first three quarters of 2010.
Triodos Bank, which this earlier this year celebrated 15 years in the UK, has pioneered an ethical, transparent and sustainable banking model, and only finances organisations that deliver social, environmental or cultural benefits.
Key UK figures for 2010:
- Lending is £300 million with a further £160 million of commitments
- Gross new loans paid out were nearly £65m in the year to date
Dr Bevis Watts, head of business banking at Triodos said : "At a time when mainstream banks are still being challenged to increase their lending to businesses, the Triodos banking model means that our lending growth is supporting real social and environmental change.
"As a result we are continually investing to develop our team and ensure we have the right infrastructure and resources in place to support this burgeoning growth.
"And against the background of deep cuts in public sector spending revealed in the recent Spending Review we want to continue to support our customers through difficult times and find innovative new ways of financing social and environmental projects.
"We believe the current economic turmoil presents a wide range of opportunities for social and environmental organisations and we are committed to supporting their visions."
Triodos uses money saved by its customers to finance organisations that benefit people and the environment. New customers to borrow from Triodos Bank during the last six months include Kings Church in Catford, London, to which Triodos provided £2m to enable the purchase of a new community church premises, and Gary and Linda Wright of Barton Farm in Devon, who were faced with losing the life tenancy of their farm after Devon County Council wanted to put it up for sale. A £2m finance package from Triodos helped ensure their future on the organic dairy farm.
Earlier this year Triodos also provided a £500,000 loan to fund the installation of the UK's largest solar roof on top of a barn at Glastonbury founder Michael Eavis' Worthy Farm in Somerset.
Michael Eavis said : "Because we share the same values, Triodos Bank was my first consideration for the loan and I am grateful it is able to help finance the scheme and invest in the potential of solar for future energy generation."
To find out more about Triodos Bank's range of banking services, visit www.triodos.co.uk or call free on 0800 328 2181
Notes to editors
For more information, case studies, customer quotes, or to arrange interviews, please contact: Lisa Stanley firstname.lastname@example.org Tel: 0117 980 9721 / 07983 002013
Triodos Bank only finances enterprises which create social, environmental or cultural added value. Key sectors include organic food and farming, renewable energy, social housing, and fair trade. Transparency is a core value: customers are informed about the bank's lending and can target their savings to particular areas of investment. A range of personal savings accounts is offered, and full banking services are available for businesses and charities. Triodos Bank is an independent bank founded in the Netherlands in 1980. Its principles and independence are protected through a special shareholding trust. The UK branch opened in 1995 and is based in Bristol.