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Social Impact Loan Secure Government Funding

9 September 2019 |Feature
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Social Impact Loan Secure Government Funding

9 September 2019 |Feature
AWA Alliance Bank has provided a $600K social impact loan to secure the funding needed to complete the new Ocean Grove Surf Life Saving Club.

In June 2019 the redevelopment of the new Surf Beach Complex at Ocean Grove Main Beach was completed. Designed to blend into the natural landscape this wonderful new community asset provides modern functional facilities for the Club and café and bar amenities for the community.

The original complex was over 20 years old and no longer met the needs of the Club and its members so a new vision was needed to take the Club into the future. The extensive re-development is a partnership between Barwon Coast Council and the Ocean Grove Surf Life Saving Club however to complete the fit out additional Government funding was needed so AWA Alliance Bank provided a $600K social impact loan to secure it.

The total cost for the new facility is $9.4m.

The new building is much larger than the old, more thermally efficient, has a new kitchen, bar, café, function area and ocean views providing the Club with additional revenue streams. The lower levels house storage for boats, vehicles, sporting equipment and lifesaving equipment.

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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. AWA Mutual Limited®, BDCU Limited®, CIRCLE Mutual Limited®, NOVA Mutual Limited® and SERVICE ONE Mutual Limited® (Alliance partners) are independent mutual entities that have formed an alliance with Bendigo and Adelaide Bank. AWA Alliance Bank®, BDCU Alliance Bank®, CIRCLE Alliance Bank®, NOVA Alliance Bank® and SERVICE ONE Alliance Bank® are trademarks of Bendigo and Adelaide Bank Limited.

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