Scotland's "first social enterprise lettings agency" has hailed a groundbreaking partnership with one of the UK’s largest credit unions to provide homes.
Homes for Good and Glasgow Credit Union 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 and 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".
It 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 £23m 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 £790m in unsecured loans and mortgages, the credit union has consistently championed community-focused initiatives.
David Ross, chief executive at 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.”
Hotel manager says Scottish city punching above weight after 'phenomenal' first year
The manager of a major Glasgow hotel which is celebrating a “phenomenal” first year has declared the city “continues to punch above its weight on the global stage”.
The 245-room AC Hotel by Marriott Glasgow, on George Street close to George Square and part of the £100 million Love Loan development, opened in November 2023.
It revealed it had since recorded more than 59,000 room nights, welcoming 85,000 guests - with profits more than 5% ahead of forecasts.
General manager Craig Munro said Glasgow’s tourism, music, conferencing and events, sport, and film industries have played a “huge role” in the hotel’s success.
Cumnock revealed to be 'most affordable' to buy a home in the UK
A former mining town in Scotland has been revealed to be the most affordable place to buy a home in the UK.
To find the most affordable areas within Britain’s nations and regions, property specialists at Zoopla analysed house value-to-earnings ratios, based on a two-earner household on an average salary for the local area.
It found that in Cumnock in East Ayrshire to be the most affordable, along with Shildon in County Durham in the North East of England.
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