Mercury - loans to small alternative businesses

Mercury, the ethical banking institution with Rudolph Steiner leanings, is, with ICOF (the fund for cooperatives), the only ethical investment body in the UK that provides loans to small alternative and green businesses (rather than to big companies on the stock exchange). It is an authorised institution under the Banking Act and was founded in 1974. But until recently you needed to be rich enough not to mind your money losing value to be able to bank with Mercury, as they offered only a fixed rate interest of between zero and seven per cent. Nowadays they are also offering variable rates of interest equivalent to those at building societies for minimum balances of L500 (with one month's notice needed for withdrawals).

'The only ethical investment body in the UK that provides loans to small alternative and green businesses'

This must be one of the greenest and safest ways to bank one's savings. The money deposited will be used 'as part of Mercury's liquidity, thus maximising the use of lower-interest bearing money to be lent to our ever-growing list of projects. Mercury will also lend out of this pool to projects that can afford higher rates.'

Those, however, who are still prepared to lend under the old fixed rate system can specify which of the projects they want their money allocated to.

- Mercury Provident, Orlingbury House, Lewes Road, Forest Row, East Sussex RH18 5AA (tel 034282 3739; fax 034282 5711).
- A free 'Independent Guide to Ethical and Green Investment Funds' is available from Holden Meehan, top floor, 40 Park St, Bristol BS1 5JG (tel 0272 252874; fax 0272 291535).

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