£1m funding boost for credit union, Castle Community Bank
26 Sept 2023
- Edinburgh and Lothians
- Investment
- Support
Castle Community Bank, based in Leith, has received £1million investment from responsible finance provider Social Investment Scotland.
The growing credit union received the £1million sub-ordinated loan to support their growth and ambition to be a business of scale providing ethical and affordable loans and excellent returns for savers.
Castle Community Bank Chief Executive Adrian Sargent (pictured) said: “I’m delighted that Social Investment Scotland has confidence in Castle Community Bank and has invested £1million. This fantastic investment will reap benefits for not only our organisation but also the communities and members we support in Leith and beyond. This is another important step in our journey to grow the credit union sector and promote financial inclusion in the UK.”
Castle Community Bank is different to other UK credit unions because it is able to offer savings and loans to members across the UK rather than just one region or profession. Savers who want their money to do good can typically benefit from top tier interest rates, while enabling the bank to make affordable loans available to those who need them. Castle Community Bank uses innovative fintech outsourcing to unlock greater scale and efficiencies, thereby helping more people across the country. And because the bank is not-for-profit, any surplus generated is invested into products for members and community initiatives.
We’re very happy to be supporting Castle Community Bank and its ambitious programme of targeted growth, which will positively impact people in Leith and the surrounding area. We see the important role that credit unions play in building a wellbeing economy, particularly when many individuals and households are struggling with the rising cost of living. That’s why we are committed to supporting organisations such as Castle Community Bank, who are providing fair and affordable access to finance for the people and communities who need it most.”
Chris Jamieson
Head of Investments, SIS