The CEO of a commercial bank has said the “unprecendented” growth of socially conscious SMEs in Manchester influenced its decision to set up a new ‘hub’ in the city.
The Birmingham-headquartered Unity Trust Bank, which was established in 1984 in alignment with trade union values, opened its new office in Deansgate to support customers in the north west.
The bank became independent in December 2015, with a purpose to help create a better society, rather than purely maximising profits, by lending to organisations with a clear mission to create jobs and support local communities, it said.
Margaret Willis, the bank’s chief executive, said the city is a “natural” fit with the bank’s heritage.
She said: “Manchester is deeply rooted in cultural and social history which strongly align with our values, from the abolishment of slavery to the Women’s Suffragette Movement, and we felt this was the perfect place to house our new hub.”
Some 16 per cent of the bank’s customer’s are based in the north west, Ms Willis said.
“As our portfolio continues to grow, we felt it was key to have more of a presence in the north west.”
The new office will be the base for four relationship managers and two commercial banking officers dedicated to supporting SMEs with access to financial support.
Ms Willis said its half-year results showed that the bank increased lending by 47 per cent to businesses driving social change, compared to the year previous.
“At half year point, our lending has resulted in our customers creating 416 jobs, housing 449 people and building or renovating 518 bed spaces across the UK.
“We also hit a significant milestone last year with loan balances exceeding £400m,” she said.
The bank has worked with third sector organisations and SMEs across a range sectors, including healthcare and housing in its 30-year history.
It offers current accounts and savings accounts for business owners to support them in managing their finances, as well as having a volunteering and fundraising programme that lends a helping hand to organisations, charities and individuals across the UK.
Ms Willis added: “We’ve seen a steady growth in our customer-base due to the growing trend for responsible businesses, and we don’t anticipate this slowing anytime soon.”
