The Cambridge Building Society has announced a £1m investment in Greater Cambridge Impact, a new initiative aimed at tackling inequality and housing issues across Cambridgeshire.
The move builds on the society’s long-standing commitment to community impact as it concludes its 175th anniversary year, which has already seen £175,000 donated to local causes.
Greater Cambridge Impact, launched with £1m each from Cambridge City Council and the Cambridgeshire and Peterborough Combined Authority, is targeting a 10-year, £10m investment fund designed to create measurable change in areas such as homelessness and support for children in care.
Peter Burrows, chief executive of The Cambridge Building Society, said: “This year marks 175 years of The Cambridge, and there’s no better way to honour that legacy than by investing in the future.
“Our significant investment in Greater Cambridge Impact reflects our deep commitment to responsible finance and making the difference for the long-term.
“We have an explicit social purpose: to help people have a home. We believe in the power of community and are proud to stand alongside the next generation of Cambridge entrepreneurs and civic leaders who are pledging their success to tackle inequality and create lasting change towards a fairer, thriving Cambridge for generations to come.”
The investment was announced by Burrows at a business event hosted by the society on 6th November, bringing together leaders from business, education, sport and the arts to explore how established institutions can help build inclusive and resilient communities.
Sara Allen, executive director of The Cambridge Pledge, said: “The Cambridge Building Society’s investment is truly transformative — a leading example of how local institutions can step forward to help tackle inequality and build thriving, resilient communities. We’re proud to be working alongside them.
“Their commitment and trust mean a great deal, and we take that responsibility incredibly seriously. This partnership sets a powerful example of how local capital can drive lasting social change. Let’s get to work!”
Paul Bristow, Mayor of Cambridgeshire and Peterborough, said: “We need to spread the benefits of growth to more people and places. And we need to address inequality to unlock our region’s potential as a thriving economy and great place to live. It’s as simple as that.
“Greater Cambridge Impact is already tackling the issue head on, and the additional funding will mean the support can be scaled, benefiting more communities. It’s this type of collaborative working that will power up the region and have a lasting impact.”
Cllr Cameron Holloway, leader of Cambridge City Council, said: “We are fortunate to have organisations like The Cambridge who share our vision for One Cambridge, fair for all, and are prepared to back that up with investment on this scale.
“We had a vision to create a new way to enable Cambridge’s organisations to invest in our communities, and we committed an initial £1m investment to get Greater Cambridge Impact off the ground.
“It’s a real milestone to have The Cambridge join us on this journey as our first social investor – we hope, the first of many. Working together, we can make a real difference to the lives of people in need in our city.”
