Alabaré is a registered charity that supports nearly 2,000 homeless, vulnerable and marginalised citizens across the South West of England and Wales, through the provision of services, which spans from accommodation to training courses.
As the charity sought to extend the work they do with vulnerable people, the management team turned to Lloyds Bank to secure a £1.2million loan to purchase four properties across Wiltshire. These will accommodate 17 homeless and young people, with the first moving in from Thursday 5th July.
The transaction is Alabaré’s largest investment in property to date, and extends its current charity housing portfolio of 75 by five per cent. The funding will also work alongside charity donations to contribute furnishing the properties.
Andrew Lord, CEO at Alabaré, said: “Ensuring that people in unfortunate and difficult situations are supported as much as possible is at the heart of everything we do. We continually endeavour to increase the number of people we can help through taking on more volunteers and securing funding to pay for more properties to make this happen. We’re proud to be able to provide these new homes to those who need it most.
“Working with Lloyds Bank has been a smooth and easy process, and the team has enabled us to develop our offering. We are looking forward to working with the team moving forward to continue making further property acquisitions to support vulnerable people across the area.”
Amanda Hunter, relationship director for SMEs at Lloyds Bank Commercial Banking, said: “Alabaré does commendable work with people across the region, and we have supported the business over the last four years as they have tackled homelessness head on. The organisation does not shy away from a challenge, and that’s what makes the work they do in the community so effective.
“At Lloyds Bank Commercial Banking, we are committed to supporting businesses of all shapes and sizes, which is why we have increased our net lending to start-up, SME and mid-sized businesses by £2 billion.”