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Leicester Social Economy Consortium Secures Vital Refinancing Deal with Charity Bank

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Leicester Social Economy Consortium (LSEC), one of the largest social enterprises in Leicester, has successfully secured a £625,000 refinancing deal with Charity Bank, the loans and savings bank owned by and committed to supporting the charities and social purpose organisations.

Earlier this year, LSEC faced a financial challenge when their previous loan provider ceased catering to loans under £1 million. Undeterred, LSEC actively sought a new partner and found a reliable ally in Charity Bank. The swift intervention of Charity Bank provided the necessary support through a refinanced loan, positioning LSEC strongly to continue and expand its impactful work as a vital local resource. This includes contributing to employment opportunities, preserving architectural heritage, and enhancing the overall local economy.

With a legacy spanning over 25 years, LSEC has been at the forefront of transforming under-utilised and vacant into affordable workspaces, prioritising support for non-profit ventures. Boasting approximately 37,000 sq. ft of workspace, LSEC plays a pivotal role in facilitating the growth of businesses of all sizes, removing limitations, and fostering an environment conducive to development.

David Brazier, LSEC Chief Executive, said “We are delighted to be working with Charity Bank, as this new facility will help us achieve substantial monthly savings for our Social Enterprise, enabling us to focus on delivering more support and guidance to ventures, both profit-making and not-for-profit, here in Leicester. It’s a great pleasure to work with a lender that shares our values."

Ed Siegel, CEO at Charity Bank, commented on the collaboration with Leicester Social Economy Consortium, saying, "We are proud to stand beside LSEC in their mission to empower social enterprises. This partnership not only exemplifies our commitment to the social sector in Leicester but also underscores the importance of financial support in driving positive change. LSEC Consortium plays a vital role, and we are pleased to continue our relationship by providing the necessary financial foundation for their impactful work."

For more information about Charity Bank and its approach to loans and savings, please visit www.charitybank.org.

To discover more about LSEC and its impactful initiatives in Leicester, visit https://lseconsortium.co.uk/

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