The partnership aims to deliver sustainable, high-quality housing through the acquisition and refurbishment of properties. One such project is the Broomton Road development in North Glasgow, where four derelict properties will be transformed into family homes.
Homes for Good, a social enterprise, has a strong track record in providing affordable housing solutions. The organisation has raised over £23 million to date and delivered over 340 homes.
Susan Aktemel, Homes for Good Founder said: "Securing the loan with Glasgow Credit Union marks a step forward in our vision to provide high quality properties in Glasgow for people on lower incomes who would otherwise struggle to access homes.
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"Our purpose is to create safe, affordable, beautiful homes for people who need them.
"Home is the foundation for all our lives, and everyone deserves a home they love and where they can build their life.
"We have created a business model that combines financial return with strong social impact, something I'm incredibly proud of. Glasgow Credit Union is the perfect partner, reflecting our shared values and a commitment to social inclusion."
Glasgow Credit Union has a long-standing commitment to financial inclusivity and supporting organisations that create meaningful impact. With over 63,000 members and a legacy of providing £790 million in unsecured loans and mortgages, the credit union has consistently championed community-focused initiatives.
David Ross, Chief Executive Officer, Glasgow Credit Union said: "We are passionate about investing in organisations that improve lives and strengthen communities.
"This partnership with Homes for Good is a perfect example of how financial sustainability and social benefit can go hand in hand. We are proud to support Homes for Good's efforts to provide good calibre housing to those who need it most.
"This partnership not only delivers much-needed housing but also serves as a model for how social enterprises and financial institutions can collaborate to address the ongoing housing crisis. With many local authorities across the UK declaring housing emergencies, there is growing recognition of the need for creative financing solutions to develop new homes.
"We hope this first step in the partnership is just the beginning, and that it demonstrates to other lenders in the market that social impact doesn't have to come at the price of fair financial return.
"This deal highlights the potential for organisations to come together to create long-term, solutions to housing issues, while also having a positive impact on the local economy and small businesses."
