WCVA and Unity Trust Bank launch £30m loan fund to help charities in Wales buy premises

The first loan is to the charity Valleys Kids for its purchase of the Pop Factory, a music facility

The Pop Factory
The Pop Factory

The umbrella body for voluntary organisations in Wales, the WCVA , and Unity Trust Bank have launched a £30m loan fund to help charities in Wales buy premises.  

The fund will make £6m available annually for the next five years to help organisations finance new premises or refurbish existing ones. It is open to WCVA members and to non-members who are willing to join the WCVA. Charities will be able to borrow between £250,000 and £5m.

The terms and length of loans will be negotiated individually.

Graham Benfield, chief executive of the WCVA, said: "This finance will provide opportunities for organisations to own their premises and develop an asset base. This will allow them to control their costs, tailor their facilities to the needs of the people that use their services and work towards a more financially secure future.

"Community hubs are also proving valuable – we envisage this fund helping to create a network of focal points within communities across Wales that provide social and economic opportunities to local people."

The first loan to be made through the new fund will be a £395,000 loan to the Rhondda-based charity Valleys Kids, which will use the money to refinance its purchase of the Pop Factory, a former soft drinks factory in Porth that has been turned into a music facility, and develop a residential centre for young people on the Gower peninsula.

A similar fund for Scottish charities, run by Unity and the Scottish Council for Voluntary Organisations, opened in March this year.

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