Loan finance win for one of Scotland's leading social enterprises

One of Scotland's leading social enteprises is celebrating a new £2.85 million investment to expand its services even further.

Homes for Good, a social letting agency set up in 2013 providing social and affordable housing in Glasgow, was awarded the huge sum after it approached loan finance specialist Social and Sustainable Capital (SASC) for investment.

The funding is the first investment social finance firm SASC has made it Scotland.

Homes for Good, which enables individuals to address wider challenges, such as mental health, relationship breakdown and recovery or other issues, will grow its portfolio of homes by at least 50 additional properties with the cash.

SASC says the investment will enable Homes for Good to focus on growing the provision of quality, affordable housing.

Susan Aktemel, executive director of Homes for Good, said: “We are really delighted to welcome SASC as our investor in the next stage of growth within Homes for Good.

"Since 2014, we have brought 190 properties back to life. We plan to acquire a further 50 homes with this latest significant investment, which will help us work towards our goal of owning 500 homes for people on low income by 2022.”

Ben Rick, SASC managing director, added: “The investment structure is designed to allow high impact charities and social enterprises like Homes for Good, whose work is currently constrained because their beneficiaries are unable to access appropriate housing, to take control of that housing need.”

SASC partners include Big Society Captial, Social Investment Business and Santander Bank.