Plymouth City Council is providing a safety net to the Millfields Community Economic Development Trust, as it transitions its financing for the Genesis building on Union Street from a government loan to the private sector.
Established in 1999 through a pioneering community asset transfer, the Millfields Trust has been a cornerstone of local economic development. The trust has consistently demonstrated its ability to foster growth, support local businesses, and create meaningful employment opportunities within the community.
The Genesis building is a contemporary office block on Union Street. With four-floors and its ‘green wall’ it has provided an iconic regeneration of the area and has housed businesses in 33 affordable offices for almost 10 years.
Almost £1.7m has been earmarked by the Council to ensure that the trust will not miss its deadline to settle its loan with the Heart of the South West LEP before the repayment deadline on 30 June. The trust has been preparing to secure a loan from a high street bank and as the loan guarantor, the Council will bridge the transition if there is a gap. The Council’s support to the trust will be on commercial terms.
The Council and the trust are dedicated to ensuring that the economic growth of Stonehouse is sustainable and benefits all members of the community.
Over the past two decades, the trust has made significant strides in transforming the local economy. With a track record of nurturing small and medium-sized enterprises, the trust has been instrumental in not only creating jobs but in cultivating a vibrant community spirit that champions local entrepreneurship. Millfields Trust has:
• supported over 100 businesses in the city, leading to the creation of hundreds of jobs.
• facilitated over £1 million in investments in local businesses, contributing to the growth of the economy.
• through its various programmes and initiatives, has helped increase footfall and business activity in the area, boosting the overall economic vibrancy of Plymouth.
A spokesperson for Plymouth City Council said: “We were there in 2013 as guarantor to help the trust to secure this money and to transform the west end of Union Street. This loan will help ensure a smooth transition to the High Street lender."
Louise Bisson, Joint Chief Executive Officer for Millfields Trust added: “We are excited about our future and continued growth. Collaborating with the council amplifies our impact, combining knowledge and resources to better serve our community. The Genesis building is a modern icon of Union Street with its living wall and glass frontage. The trust is grateful to the Heart of the South West LEP and to Plymouth City Council for helping us.”