ETHICAL LENDER SAILS INTO ITS SECOND DECADE WITH SPINNAKER TOWER CELEBRATION

South Coast Moneyline (SCML), the Portsmouth based, socially responsible lender, this week held a successful event at the Spinnaker Tower, Gunwharf Quays in Portsmouth, to celebrate its tenth anniversary since its formation and also to celebrate the launch of an important new Strategic Impact Assessment report. Nearly 100 people attended the event, which included presentations to recognise the achievements of former Managing Director of Portsmouth Housing Association (now part of the First Wessex Housing group) Bob Paterson and Anthony Salt, Company Secretary to SCML and a former senior banker with Lloyds TSB. Mr Paterson and Mr Salt both played key roles in establishing SCML as the first community finance company of its’ type in the United Kingdom, delivering affordable loans to people experiencing financial exclusion. Since the organisation began trading in July 2000, over £3million has been given out in Home Trust, personal and business loans. The evening concluded with a presentation reflecting SCML’s history and the launch of the Strategic Impact Assessment document – SCML, an emerging success - written by Leigh Rampton, former Director of Social Inclusion with the Portsmouth & South East Hampshire Partnership. Board members, shareholders, representatives from local authority partners, leaders of third sector and charitable organisations and financial institutions were all present to hear the key messages contained in the report, which quantified the economic and social impact that SCML has made over the past decade. Simon Frost, Chief Executive said: “Since receiving £100,000 as shareholder capital, our success in generating a further £5million from private, public and foundation sources to capitalise the business and assist local people highlights the key role we play. “Personal lending has resulted in an estimated saving of £2,050,000 to local residents in the interest that would have been charged by door-step lenders. In addition, the £800,000 of business lending to start ups has had an estimated economic impact of £2.5million, resulting for the (net) jobs created. “At this time of significant economic uncertainty for the country, the need for organisations like SCML – who exist to provide access to finance for individuals and for not-for-profit social enterprises – has never been greater. “We have many challenges, especially as a result of ongoing community change with an increasingly aging and more diverse population. But as CEO, I am confident that in spite of the tough financial climate, SCML can prosper and grow and demonstrate the need for ethical, socially-responsible lending to the people in our communities.” The Chair of the Board of Directors, Mrs Lucy Furniss, prior to presenting the achievement awards, also announced that the company had been approved by the Financial Services Authority (FSA) as an authorised mortgage provider, which will enable SCML to deliver an increasing range of products to its local authority partners and clients. -Ends- Word count: 467 ***Please scroll down to download an image*** For more information, please contact: Kim Higgs, South Coast Moneyline, on 02392 826180 or at kim.higgs@scmoneyline.org.uk NOTES FOR EDITORS • South Coast Moneyline is the trading name of the Portsmouth Area Regeneration Trust (PART), www.scmoneyline.org.uk. SCML is a community development finance institution (cdfi), the first cdfi of its type to be established in the UK in July 2000. • SCML provides the Home Trust Loan in partnership with 15 Local Authorities and this is available for essential works to home-owners properties. For further information and details about criteria please visit: www.hometrustloan.org.uk. • Since receiving £100,000 as shareholder capital, SCML has generated a further £5 million from private, public, foundation sources and earned income. • In addition to the Home Trust Loans, SCML provides unsecured personal and business loans as well as a Smart Money education programme. • Since 2000, SCML has issued more than 4,000 loans to people in the local community through its recyclable loan fund.