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Unity Trust Bank helps to house 18 families in Aberdeenshire

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Unity Trust Bank helps to house 18 families in Aberdeenshire

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Published by Sarah Gilbert for Unity Trust Bank in Housing and also in Communities

Unity Trust Bank, a specialist bank for social economy organisations, has facilitated the development of homes for 18 families near Inverurie, Aberdeenshire following a working capital loan of £1.29million to Castlehill Housing Association.

The Port Elphinstone development includes one-, two- and three-bedroom homes, with 12 properties available for affordable rent and six for mid market rent. Castlehill, a leading provider of affordable housing in North East Scotland, is heading up the project and helping to transform Aberdeenshire and the surrounding area with much needed quality homes.

Gordon Allan, Relationship Manager for Scotland at Unity Trust Bank, said: “As a leading supporter of the community finance and social economy sectors, we seek to put social change and community benefit at the heart of our banking and lending services. Supporting housing associations to develop homes in Scotland and ensuring families and individuals can live in safe, comfortable and affordable housing is a key driver for us and meets our aims to deliver tangible social impact in local communities.”

In a recent audit, Castlehill Housing Association had a waiting list of almost 6,000* individuals/families seeking accommodation. Across Scotland there is continued pressure on finances and available homes meaning that many housing associations struggle to meet demand.

Geoff Helme, Director of Finance & Corporate Services at Castlehill, said: “We are extremely excited to have Unity Trust Bank boost our finances. With such a high demand for social housing in the local area and the rest of Scotland it is important that housing associations are able to provide for both individuals and families.

“With government funding and the availability of grants under pressure in the current economic climate, many housing associations are looking for fair and cost effective banking services. Unity Trust Bank’s social values stood out. They are a great fit for us and the loan has helped balance our finances through the life of the development. We are already in discussions with Unity about further loan support around other developments across Aberdeenshire.” 

Gordon Allan continued: “By investing in Castlehill Housing Association, Unity Trust Bank is able to encourage business growth for the organisation while upholding our strong social values through the delivery of homes for the people and communities Castlehill support. We hope to invest further in housing providers to assist with the construction and delivery of much needed homes.”

For information and advice on banking services please contact Unity Trust Bank on email: us@unity.co.uk or visit its website at: www.unity.co.uk.

ENDS

Notes to editors:

* Internal Castlehill report  

In addition to Unity Trust Bank finance, the scheme was funded by the Scottish Government through its Investment and Innovation Fund. A further top up grant was provided by Aberdeenshire Council and Castlehill’s own resources.

Unity Trust Bank

Unity Trust Bank is a specialist bank for civil society, social enterprises, CICscouncils, and trade unions. It supports customers with socially responsible banking services. And because it is a social enterprise in its own right, the bank understands the sectors its customers work in.

Unity Trust Bank has many products available to credit unions including current accounts and multiple loan schemes.

For more information, visit: www.unity.co.uk

 

Castlehill

Castlehill Housing Association is a leading provider of affordable housing in North East Scotland. We play a significant role in improving the people’s quality of life.

For more information, visit www.castlehillha.co.uk

 

For further information, please contact Unity Trust Bank PR consultants:

Hannah Cambridge: hannah@matterandco.com / 020 8533 8893

Anna Hollis: anna@matterandco.com / 020 8533 8893 / 07779 603 538

 

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