Bank for social impact on its way to hitting £100m lending targetPress Releases Published: April 14, 2015 8:52 am
Unity Trust Bank has published its third Social Impact report, revealing that it has invested almost £30 million in organisations that are committed to community, social or environmental benefit during the past year, creating over 3,000 jobs in the UK.
The bank made 57 loans totalling £29.9 million during 2014, and is now set to exceed its three-year lending target of £100m by the end of 2015.
Released today, the report reveals the Bank’s lending has helped create and protect 3,423 jobs in the UK. 93% of the jobs created have been made possible through Unity’s £7.5m lending to Community Development Finance Institutions (CDFIs), more than twice the figure achieved the previous year. Unity is the UK’s leading provider of finance to CDFIs, lending to 15 CDFIs in 2014 who deliver funds to underserved and financially excluded SMEs, microbusinesses and individuals.
As a socially driven bank Unity uses its customer deposits to fund loans that help create housing, community assets and office space that makes real change to people’s lives. Lending is split across charities (53%), CDFIs (25%), Registered Social Housing Providers (16%), social enterprises (4%) and Industrial and Provident Societies (2%), 2014 saw Unity invest in a diverse range of projects including Yorkshire based Canopy Housing which helped 12 empty homes to be brought back in to good use, and Merseyside based Neighbourhood Services Company who purchased a community training and enterprise centre for young people.
Peter Kelly, Director of Business Development and Marketing at Unity Trust Bank, said: “In 2013 we declared our £100m lending target over three years. We’re well on our way to meeting this and look to the future with anticipation and determination. As we continue to grow, we will continue working to increase our social impact, engraining our founding principles into every aspect of our business strategy.”
He added: “We want to become the go-to bank for the civil society, providing businesses and organisations nationwide with financial services that will allow them to grow their social impact, just as we seek to grow our own.”
In addition to the bank’s lending success, the report also profiles the bank’s broader social impact achievements, including customer satisfaction, volunteering, staff training and development, as well as wider responsible business practices.
Find out more about where Unity invests across the UK on its lending map: www.unity.co.uk/lendingmap
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