IBOS member RBS has published a report showing the bank has around £250m in outstanding lending to the social sector, with nearly £50m in new lending over a year (Sept 2014 – August 2015).
Thom Kenrick, Head of Community Programmes at RBS, said:
“By opening up our books for the first time and commissioning this new research, we are trying to build a more holistic picture of the size and scale of the finance market that is serving the social sector. There is a widespread perception that banks are reluctant to lend to social sector organisations. But we found that mainstream bank lending to the sector significantly exceeds lending from the social investment market.”
For other banks to to review their lending to the social sector, this could amount to over £3bn In borrowing each year and enable social enterprises of all sizes.
Read more about RBS’s social lending here.