Plymouth-based commercial finance broker Balance for Business has secured a major refinancing package for Millfields Community Economic Development Trust, providing greater financial flexibility for the organisation’s future.

The new funding, provided by NatWest, replaces the Trust’s previous borrowing on more favourable terms and removes the requirement for continued support from Plymouth City Council.

It will strengthen the Trust’s cash reserves and provide a more sustainable financial foundation from which it can continue supporting local businesses, charities and the regeneration of Stonehouse.

Millfields Trust provides affordable and flexible commercial premises across four sites in Plymouth, including offices, conference facilities and light industrial units. As a community-focused social enterprise, it supports local organisations while contributing to the long-term economic and social regeneration of the area.

The refinancing was secured following a detailed six-month process led by Balance for Business Managing Director Dave Ottley, working closely with the Trust and its accountants, Westcotts.

As an organisation combining commercial property activity with a clear social purpose, Millfields Trust did not fit neatly within the conventional lending criteria used by many financial institutions. Balance presented the strength of the Trust’s finances, property portfolio, leadership and future plans to prospective lenders, ultimately securing an attractive package from NatWest.

Louise Bisson, Chief Executive of Millfields Trust, said: “This refinancing represents a really positive milestone for Millfields Trust, giving us greater stability, flexibility and the financial certainty to focus on what matters most: providing good-quality, affordable space in which local organisations can start, grow and thrive.

“It allows us to look ahead with greater confidence as we plan for the future and continue exploring how Millfields Trust can deliver lasting economic and social value for Plymouth.

“Dave and the Balance team guided us through an extremely detailed process, helped us respond to the requirements of prospective lenders and kept everything moving over a period of around six months. Their experience and perseverance were invaluable in helping us secure the right outcome.”

Dave Ottley, Managing Director of Balance for Business, said: “Millfields Trust plays an important role supporting businesses, charities and the wider community in Stonehouse and neighbouring Devonport, which are among the most socially disadvantaged areas in the country. We are delighted to have secured a more sustainable funding arrangement that gives Louise and the Board greater freedom to plan confidently for the future.

“Our role was to understand the complete picture, present the opportunity clearly to the lending market and manage the process through to completion. NatWest recognised the strength of the organisation, its assets and its contribution to the local economy, and worked with us to provide a package suited to the Trust’s circumstances and ambitions.”

Adam Croney, Partner at Westcotts, said: “Millfields Trust plays a vital role in supporting businesses and not-for-profit organisations in Stonehouse and the wider community and has made a positive contribution to the local area over many years.

“Millfields is a great example of a strong social enterprise – trading profitably and reinvesting its surplus to make a valuable contribution to the community.

“This excellent outcome secures the Trust’s next chapter and ensures it can continue making a positive difference for years to come.”

Paul Williams, Broker Business Development Manager for Bristol, Gloucestershire and the South West at NatWest, said: “Millfields Community Economic Development Trust has a strong track record of creating positive social and economic impact, led by an experienced leadership team driving a clear growth strategy.

“We were delighted to support the refinancing, enabling the Trust to strengthen its financial position and pursue future opportunities with greater flexibility. Supporting ambitious, purpose-driven organisations like Millfields is a key part of NatWest’s commitment to driving sustainable growth across the South West.”