Homes for Good, Scotland's first social enterprise lettings agency, and Glasgow Credit Union, one of the UK’s largest and most successful credit unions, have entered a groundbreaking partnership aimed at providing sustainable, high-quality housing for low-income individuals and families in Glasgow and neighbouring areas.
Glasgow Credit Union has provided a £2.4 million corporate loan to Homes for Good. The investment will enable the purchase of up to 35 homes that will benefit families, couples and individuals in Glasgow, North Ayrshire and Renfrewshire.
The loan was co-created through extensive collaboration between the two partners and its structure is a pioneering example of balancing social impact with reasonable financial returns.
The loan will help to drive the Broomton Road project in North Glasgow, part of Homes for Good’s commitment to working with existing empty properties. Homes for Good will bring four derelict properties back into use as family homes, along with revitalising adjacent derelict retail space and land for community use
Homes for Good, founded by Susan Aktemel, has been at the forefront of tackling housing inequality in Scotland within the private rented sector for over a decade. By raising over £23 million to date, the social business has been able to deliver over 340 homes to people often squeezed out of the traditional private rental sector or unable to access social housing.
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.
“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.”
