Unity Trust Bank helps create over 270 jobs for Merseyside
At least 270 jobs have been created in Merseyside with the help of Unity Trust Bank.
Birmingham-based Unity Trust Bank is committed to helping communities and the environment and has recently published its third social impact report.
The report shows that it has invested nearly £2m in North West organisations working for community, social or environmental benefit.
In total it made 57 loans worth £29.9m during 2014, creating and protecting 3,423 jobs in the UK and is now set to exceed its three-year lending target of £100m by the end of 2015.
More than 12% of lending was to North West organisations, including Merseyside’s Neighbourhood Services Company.
A £425,000 loan helped in the acquisition of Croxteth District Centre with buildings, including a public house, retail units and a function space, as well as land for development.
With this investment, Neighbourhood Services will be able to host community activities and run the pub as a training and enterprise centre as part of its community involved strategy which focuses on youth.
Unity Trust Bank relationship manager for the North West, Margaret Porter, said:
“The Neighbourhood Services Company has a record of rejuvenating and increasing employment and focuses its efforts in areas of economic and social need.
“With Unity’s investment, it will be able to continue to strengthen and improve its community development work throughout Merseyside, spreading the social impact that Unity aims to support in the North West.”
The lending from Unity is split across; charities (53%), Community Development Finance Institutions, or CDFIs (25%), registered social housing providers (16%), social enterprises (4%) and industrial and provident societies (2%).
It is the UK’s leading provider of finance to CDFIs, lending to 15 during 2014, who deliver funds to under-served and financially excluded small firms, microbusinesses and individuals.
In Merseyside alone, the bank has created more than 200 jobs through CDFI lending; this allows for increased distribution of much-needed finance in the area.
As a socially motivated bank, Unity uses its customer deposits to fund loans that help create housing, community assets and office space that makes a real change to people’s lives.