Salad Money Impact Report 22-23 WEB - Flipbook - Page 14
£40M AND £2M INVESTMENTS
WILL HELP MORE KEY
WORKERS AVOID HIGH-COST
LENDERS
In February 2023 we agreed a new senior
debt facility of up to £40m with a USbased credit fund, enabling us to serve
rocketing demand for a昀昀ordable credit. It
was described as a landmark deal for the UK’s
community 昀椀nance sector.
The new 昀椀nance facility complemented Salad’s
arrangements with existing funders, to meet growing
demand for a昀昀ordable credit.
Phillip Hyett, CFO of Salad Money, said: “This new,
committed facility brings our total senior debt funding
to £50m and with it, the 昀椀nancial 昀椀repower to help
more NHS, public sector and other key workers avoid
high-cost credit. We see 昀椀rst-hand that demand for fair
and a昀昀ordable 昀椀nance is increasing rapidly and we are
delighted to lead the way in helping address this need.”
Theodora Hadjimichael, CEO of Responsible Finance,
said: “This landmark deal for the UK’s community
development 昀椀nance sector is tremendous news for
people who can a昀昀ord to repay credit but don’t have
enough fair options available. Without CDFIs like Salad
risk turning to providers who don’t prioritise their
wellbeing. I’m thrilled Salad will be able to help more
people save interest compared with higher-cost options;
I’m also delighted it will extend its signposting work
which boosts applicants’ 昀椀nancial resilience.”
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Fair4All Finance agrees £2m follow-on
package with Salad to grow alternatives to
high cost lending for NHS and public sector
workers.
We were delighted to announce a new £2m facility with
not-for-pro昀椀t 昀椀nancial inclusion organisation Fair4All
Finance in November 2022, following its £5m investment
into Salad in 2021. Tim Rooney, CEO of Salad Money, said:
“We value our relationship with Fair4All Finance. This new
facility will help us to help thousands more key workers.”
Sacha Romanovitch OBE, CEO of Fair4All Finance said:
“Increasing access to a昀昀ordable credit is an important
tool in the 昀椀ght against 昀椀nancial exclusion. In the time
we’ve worked with Salad they’ve been resolute in their
mission to support lower paid public sector workers and
have quickly grown their loan book. We look forward to
our investment further supporting Salad to help more
customers in vulnerable circumstances.
“Salad’s lending model proves it’s possible to serve
people in 昀椀nancially vulnerable circumstances well with
a fair credit option. We encourage other funders and
lenders to join us in providing funding and lending to
scale up the provision of a昀昀ordable credit and help 昀椀ll a
growing gap.”
Fair Lending for Key Workers
