First Choice Housing Association has raised £7m of new loan funding from Triodos Bank to help fund its continued growth and development over the next 5 years. The funds will be used to develop a number of supported housing schemes across Wales, including the development of 130 new supported housing bed-spaces from Sept 2018 through to April 2020.
First Choice, established in 1988, provides accommodation specifically for vulnerable people who require support to enable them to live independently within the local community. Working across Wales and Shropshire in partnership with 19 Local Authorities, the association provides high quality, bespoke homes tailored to suit the needs of vulnerable individuals with often complex support needs.
First Choice currently owns 237 properties which provide homes to 700 individuals. Each property has been purpose built and developed to suit individual tenants. Over the next five years, the association plans to develop over 80 additional properties across Wales, providing homes to a further 350 tenants. This will help it further its mission of improving quality of life through quality bespoke accommodation that enables tenants to achieve independence, fulfil their potential and optimise enjoyment of life.
Triodos lends solely to organisations delivering social, environmental or cultural impact, and social housing is one of its key lending sectors in the UK. In the last 10 years the bank has arranged lending facilities of more than £300m to over 40 housing associations across the UK, including a number of associations in Wales. The bank first provided a £5m facility to First Choice in 2013, and this additional new funding takes its lending support to the association to £12m in aggregate.
Adrian Burke, Chief Executive of FCHA, said: "We are delighted to have secured the funding for our Development Plan through to 2020 with Triodos Bank. FCHA are passionate about building homes which maximise independence for tenants and help them achieve real outcomes. FCHA believe that quality housing should be a fundamental right and we are looking forward to using the facility to further our social mission."
Peter Borgers, Senior Relationship Manager in the Bank's Social & Cultural Team, commented: "We are really pleased to be able to provide this further support for First Choice to help the organisation deliver its growth plans; we are particularly keen to back associations that deliver strong social impact, and First Choice's mission of providing specialist accommodation for vulnerable people fits very well with that."
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About Triodos Bank
Triodos Bank is a global pioneer in sustainable banking using the power of finance to invest in projects that are good for people and the planet. Triodos uses its €15.1 billion in assets to create social, environmental and cultural value in a transparent and sustainable way.
With UK operations based in Bristol, Triodos Bank has branches in the Netherlands, Belgium, Spain, Germany and an agency in France. Globally, Triodos Bank has microfinance projects in Central Asia and Eastern Europe, and is a founding member of the Global Alliance for Banking on Values (GABV), a worldwide network of 54 banks seeking to transform finance into a vehicle of positive influence.
Triodos Bank NV (incorporated under the laws of the Netherlands with limited liability, registered in England and Wales BR3012). Authorised by the Dutch Central Bank and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request.