Environmental and social charity The Converging World launches Green Loans, a unique financial vehicle that allows individuals to participate in an alternative way
Published on PR Newswire here.
For the first time for an environmental project, charitable individuals can move beyond being just a financial donor and become pro-active lenders of money. The Converging World, (TCW), www.theconvergingworld.org, a UK-based charity investing in renewable energy in developing countries which reinvests the profits to fund social, health and environmental projects in the host countries and in the UK, has launched a new green loans initiative aimed at individuals wanting to contribute to communities locally and globally in a sustainable way.
The groundbreaking loan scheme enables communities and individuals to lend as little as £5 for five years earning 6% annual interest. The money raised will be used in multiple ways. First, to fund two new wind turbines in India which will be in addition to the charity’s two existing power generators that produce 6.4 million kWh per annum of renewable energy. Then, profits from the sale of energy will be reinvested in building more wind turbines as well as channeled into long-term community-scale sustainable development work in India and the UK.
Another unique part of the green loan scheme is that at maturity, TCW will also donate the same 6% sum each year to the lender’s choice of charity for a further 10 years. One of the first nominated charities to benefit will be Bristol’s Vassall Centre, a unique barrier-free environment for disabled people.
Although the loans are unsecured, they provide a way to recycle funds back to the lenders, who can choose to re-lend again to the next social or environmental project, which would not be possible with a traditional donation.
The green loans can be pledged quickly online through TCW’s partner Buzzbnk at www.buzzbnk.org/tcw. The offer is open until 30th April 2012.
The Converging World CEO, Wendy Stephenson says: “With so much pressure on charities and donors everywhere, we worked hard to find an inspiring alternative to simply appealing for donations. The TCW loan scheme benefits everyone, including communities in the UK and India and could help other charities to secure their long-term future.
We have several years of experience in renewable energy and wanted to raise funds which not only contribute to the combat of climate change but also gives back to the community. Lenders can see exactly where their money has been used and join The Converging World in a new way to support environmental and social change. Plus, where else can people create an additional fund to support a charity that is important to them?”
The Converging World is a UK-based charity working to relieve poverty and distress and to promote sustainable development. All income is invested directly into renewable energy projects to create long-term funding for vital health, education and environmental projects, which help to break the poverty cycle in the UK and around the world.
The Converging World CEO, Wendy Stephenson is available for interview.
Please contact: Wendy Stephenson +44 77 59 411 119
The Converging World
Bush House, 72 Prince Street
BS1 4QD, UNITED KINGDOM
+44 117 927 7089
Company Limited by Guarantee #3010221
Registered Charity #1043572
Buzzbnk is an on-line crowd-funding platform to bring social ventures looking for startup or growth capital together with like-minded people keen to fund social change. Buzzbnk is a social enterprise owned 63% by leading charities and foundations in the UK.
Buzzbnk, a registered trademark of SellAVenture LLP, OC351199
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WC2A 3ED, UNITED KINGDOM
+44 20 7396 3562