Ceniarth has increased its impact investment in ethical lender Salad Money by 67%, bringing its facility agreement to £2m.
The new investment, backed partly by not-for-profit financial inclusion organisation Fair4All Finance, follows a £1.2m loan to Salad in 2023.
The extra funding will help Salad, a social enterprise and community development finance institution, meet rising demand for affordable, mid-cost loans.
Tim Rooney (pictured), chief executive at Salad, said: “This means we can make a more accurate and fair assessment of whether we can serve an applicant.
“Many of our customers would be turned down by lenders which use credit scores, leaving them with limited, expensive options when they need credit.
“Each of our loans saves a typical customer hundreds of pounds in interest compared with the alternatives available to them.”
Rooney added: “As valued long-term partners to Salad, Ceniarth and Fair4All Finance share our determination to build financial resilience and inclusion.”
Holly Piper, investment director at Fair4All Finance, said: “We are delighted to play a part in the extension of this catalytic investment, which will ensure thousands more people on low incomes can access fair and affordable credit from Salad.
“We’d love to see more investors follow Ceniarth’s lead in supporting the growth of affordable credit to those people in vulnerable financial circumstances who otherwise go without.”
