Five Lamps are thrilled to announce that they have been short-listed for the North East Charity Awards 2019 in the award category Outstanding Social Enterprise Award.
The Journal and The Newcastle Gazette are hosting the awards for the fifth year, which recognise and celebrate the hard work and creative thinking by local charities and individual fundraisers, whilst also highlighting local businesses and employees who help to support the work of local charities.
The Outstanding Social Enterprise award celebrates the excellent work of a local social enterprise or a trading arm within a charity that delivers significant social impact by trading to achieve their social purpose.
Five Lamps delivers an integrated range of social, economic and financial inclusion services within which they seek to transform lives, raise aspirations, remove barriers and offer choice. Five Lamps Trading Ltd, (brand name Conduit) is a responsible lender offering fair and affordable personal loans as an alternative solution to high cost credit providers including pay day and door step lenders. Conduit is much more than a loan provider. Loans enable people many of whom are excluded from main stream banking, to access credit and over time improve their credit score and history. Conduits affordable loans are also making a positive social impact by reducing outgoings and increasing people’s disposable income.
As Conduit is solely owned by the Charity, the profits made are gifted back to the Charity to support their brilliant charitable activities, which includes youth services, domiciliary care, business start-up support and also employability to help people find and sustain employment. It is intended that the profits will also be used to help support more financial inclusion products and services.
Lisa Pickard, Group Chief Executive said,
“High cost credit has a devastating impact on so many individuals and families but with *millions of households in the UK having no savings, when faced with an unexpected spend and / or a poor credit history or score, high cost credit has become a lifeline. Our Conduit Loans offer a really affordable alternative that on average saves our customers *£230 per year. £4.42 per week back in families’ pockets many of whom are juggling finances makes a huge difference. But our commitment to financial inclusion and social impact doesn’t stop there. I am proud of this unique and innovative model that ensures all profits are reinvested into our charitable activities. Between our charity and trading company we are committed to changing lives and creating opportunities.”
For more information on Conduit, please visit, www.conduit.org.uk
*(Stat taken from House of Commons Treasury Committee, 18 July 2018)
*(Figure is a Representative example: A £500 Conduit loan over 52 weeks; total charge for credit £197.32; 52 repayments of £13.41 per week. Repay £697.32 at 99.8% APR (Fixed). Compared to some lenders, we can save you up to £230.00 in interest. See www.conduit.org.uk for more information)