Triodos Bank, which only lends to projects benefiting social, cultural and environmental causes, has reported a significant rise in lending in Wales.
The sustainable bank’s lending activity has reached £44m, representing a 45% growth rate over the 2017-20 period. It provides debt funding ranging from £100,000 to £20m with repayment terms up to 25 years with the aim of competing with the high street banks on interest rates.
The bank supports a wide range of organisations, ranging from community energy projects to housing co-operatives, and organic farming to spiritual retreats. Organisations supported over the last year include Awel y Gwrhyd Community Wind Farm near Swansea, and First Choice Housing Association, which provides accommodation for vulnerable people to enable them to live independently within the local community.
Rob Keegan, business banking regional manager for Wales at Triodos Bank UK, said: “Following the Welsh Government’s declaration of a climate emergency and the broad discussions around ensuring a green and fair recovery from the pandemic in Wales, it’s clear that the country is focused on paving the way for a sustainable economy and green jobs.
“We see supporting organisations that work for the benefit of people and the planet as an important role for us within this transition.”
The bank’s latest loan in Wales is to Greenacres Rescue, an animal rescue charity based in Haverfordwest.
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The loan will enable it to acquire its 28-acre, which it currently rents and is home to around 200 animals.
Georgina Pearson, director at Greenacres Rescue, said: “Owning our own site will provide added security for the charity and ensure the long-term future for our many permanent residents. We were pleased that Triodos saw the value in our work and wanted to support our welfare and social-wellbeing-based approach. We’re also incredibly grateful to have received a legacy donation that has allowed us to go ahead with this purchase, and it just wouldn’t have been possible without that generosity.”
Mr Keegan said: “Our lending to Greenacres is particularly special for me as I grew up just down the road in Neyland and so am delighted to have an opportunity to support that community. The compassion-led approach of the centre is very impressive, benefitting not only the animals its cares for, but also its volunteer community and those who rehome.”
Triodos Bank was introduced to Greenacres by Social Investment Cymru, the social funder at Wales Council for Voluntary Action, the national membership body for voluntary organisations in Wales.
To support its growing investment portfolio in Wales the bank has appointed a dedicated relationship manager for Wales, Sarah Johnson.
Ms Johnson said:“I’m pleased to bring Triodos’ personal approach to business banking to more customers in Wales. There are a wealth of exciting enterprises and organisations based here and we’re well suited to understanding the unique challenges and opportunities that they face.”
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In 2020 its UK loan book grew to £1.07bn an increase of 10% on 2019. Its overall customers numbers grew by 20% in the year to more than 73,000.
