Triodos passes £500m milestone in lending and commitments

Ethical and sustainable bank Triodos announced its UK lending and commitments has reached a significant milestone, passing through half a billion pounds (£500m) in lending and commitments.

Loans to customers including a pioneering example of the real big society and one of the UK's first Community Land Trusts, High Bickington Community Trust, enabled the bank to grow its UK lending by 26% over the course of 2010, with the loan book totalling £316m at the end of January 2011 and commitments to lend now well over £200m. Triodos also recently paid out £1.3m to Yorkhill Housing, its first ever housing association loan in Scotland.

In 2010 the Bank celebrated 15 years in the UK, during which time it has pioneered an ethical, transparent and sustainable banking model, financing only organisations that deliver a positive social, environmental or cultural benefit.

Dr Bevis Watts, head of business banking at Triodos said: "Despite the mainstream banks' latest commitments as part of Project Merlin, many businesses are still struggling to access the finance they need. In contrast, our more sustainable banking model means it's clear to see how our lending growth can help fill some of the gaps left by the more mainstream banks while at the same time support real social and environmental change.

"We believe the current economic situation continues to present a wide range of opportunities for social and environmental organisations and we are committed to supporting their visions.

"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 increasing growth."

Triodos uses money saved by its customers to finance organisations that benefit people and the environment. Other recent customers to borrow from Triodos Bank include Michael Eavis' Worthy Farm in Glastonbury to finance a 200kwp solar PV installation which will provide the dairy farm with the energy it requires, plus surplus to sell back to the grid under the government's FIT scheme, Chest of Drawers, an award-winning independent furniture retailer in London, which uses only responsibly produced raw materials, and the Abbeyfield Kent Society which provides a home and support to more than 450 older people in Kent.

To find out more about Triodos Bank's range of banking services, visit triodos.co.uk.