Ongo Partnership agrees £45 million funding deal with Barclays

Ongo Partnership has completed a £45m Revolving Credit Facility with Barclays Corporate Banking. Scunthorpe-based Ongo, which has been a client of Barclays since their formation in 2007 when they first purchased the council housing stock, will use the additional funding to support their continuing development programme of 1,500 new homes by 2024.

Ashley Harrison, Director of Resources and Commercial Services, Ongo Partnership, said: “This deal represents excellent value for Ongo. We are delighted to have secured this funding which gives us the additional capacity we need to continue developing much-needed affordable homes as we strive to improve our local communities in North Lincolnshire.”

David Glover, Barclays Relationship Director, said: “We have a strong and longstanding relationship with Ongo and for Barclays to support the next stage of their evolution through additional funding was an obvious fit for us and underlines our ongoing commitment to the Social Housing sector in the UK.”