‘I’m not in it for the money’: Constructing and mediating ethical reconnections in UK social banking

Over the last decade a range of social banks and Community Development Finance Initiatives (CDFIs) have developed a social investment sector in the UK. Some of these organisations emphasise their belief in partnership, association, reconnecting and re-humanising the relationship between investors with borrowers in order to reap social returns. ‘Ethical’ investors are encouraged to take sub-market returns on their investments in order for surpluses to be distributed to the organisations’ beneficiaries. Some key theoretical and political questions include: how are investors enrolled in these initiatives? What discourses of ethics are constructed and how do investors relate to them? How do these discourses relate to debates in geography revolving around ‘caring at a distance’? Drawing on work on the Charity Bank and the Industrial Common Ownership Fund (ICOF), this paper analyses how these discourses are constructed and mediates the relationship between investors and borrowers. It explores stakeholders both investors’ and borrowers’ perceptions of these activities as well as the way investors construct their own reasons for investing.