SOCIAL lending peer-to-peer platform Community Chest has named Malcolm Caley as its managing director.
Community Chest was founded by the team behind business P2P lender ThinCats and operates alongside the platform.
ThinCats founder Kevin Caley and Malcolm (pictured) are cousins and have worked together within the current platforms and on other projects.
For the past six months Community Chest, which funded its first loan in February, has been managed by ThinCats founders Kevin Caley and Peter Brown whilst they continue in their roles as directors of ThinCats.
Malcolm was previously marketing manager for ThinCats and also worked for business angel the Advantage Early Growth Fund, but will now be a full-time director for Community Chest.
“This is a great opportunity to grow an innovative business with genuine social and community benefits,” he said.
“It’s not often that a business with such growth potential can also do so much good.”
The Community Chest platform focuses on loans to projects attracting social investment tax relief (SITR) worth 30 per cent after a minimum of three years.
“The early investors in ThinCats were experienced business angel investors who were used to benefitting from enterprise investment tax relief,” Kevin Caley said.
“They often commented how attractive it would be if they could get similar tax relief when making loans. SITR does just that.”