Housing association secures £15m loan

A HOUSING association in Stockport has secured a £15m loan from the Co-operative Bank.

Johnnie Johnson Housing Trust said the cash will be used to fund new social housing developments and maintain existing housing stock over the next three years.

The Trust was formed in 1969 by war veteran Johnnie Johnson. It has some 4,700 homes in the North of England and employs 300 staff.

Harvey Norton, finance and business services director at the trust said: “We are really pleased to be working with The Co-operative Bank who have been pro-active in the approach to our business. This exciting new partnership will help us to continue to invest in providing quality homes for social housing investment, particularly during the difficult economic times ahead.”

Ian Heesom, a senior business development manager at The Co-op’s South Manchester Corporate Banking Centre, said: “All the banks are claiming to be ‘open for business’ but in reality are reluctant to lend to particular sectors. We look at each customer on an individual basis and if the business intends to expand on sound business propositions then even in today’s uncertain economic climate, we are genuinely open for business.”