STARK CHALLENGES AHEAD
SOCIAL ENTERPRISE LENDER LAUNCHES SECOND SOCIAL IMPACT REPORT

Lendology

Lendology CIC, working with council partners, is a Social Enterprise Lender providing access to low-cost finance for homeowners who may typically be excluded from mainstream lenders.

Their second annual Social Impact Report has been prepared to evidence how their lending translates into tangible improvements to individuals, communities, and councils across the UK.

This report documents Lendology’s activities across 2021/22 and provides an independent assessment of the benefits this has generated. It has been reviewed by the Financial Inclusion Centre, a not-for-profit research firm by combining:

• analysis of data for the 226 loans delivered during this period;

• structured surveys sent to 180 borrowers via email and post, and completed by 70 customers (representing 39% of clients during 2020/21); and

• 19 surveys conducted with representatives from 14 of Lendology’s 18 council partners.

With over 51% of households in the South West not having access to emergency savings, over 11% of households in fuel poverty and 24.2% excess winter deaths each year, the Report highlights the stark challenges already faced in the region, even before the energy and cost-of-living crisis hits this winter.

Healthy homes are critical to the health and wellbeing of its occupants and reduce the impact on local services, such as the NHS. Housing is a ‘social determinant of health’ that can dramatically impact physical and mental health inequalities throughout life. Ensuring homeowners have access to fair finance to maintain their homes means that homes are kept healthy for the families who live within them.

Emma Lower, CEO at Lendology, said: “The Social Impact Report that we produce each year goes some way towards highlighting the fundamental need for the service that we provide. Without the funds provided by each of our council partners, we would not be able to help these homeowners from across the region. The assumption that the inhabitants in the South-West are affluent and do not require assistance has to be changed.

“Each year the council enables us to support clients who have a variety of needs, however, we are still talking to some homeowners who have no central heating or hot running water in their homes. I am delighted that yet again we could make a positive difference last year, and whilst we had a record lending year, it is not the money that drives us to do more, but the impact that the loans we provide have had. This report enables us to show the difference that a council loan has made to the family, the home, and the community as a whole”.

Read the full Social Impact Report here.