The Cambridge Building Society is investing £1 million into Greater Cambridge Impact, a social impact initiative designed to address inequality and housing issues across Cambridgeshire.
The move forms part of the society’s 175th anniversary celebrations and builds on its long-standing commitment to the local community. This year alone, The Cambridge has already donated a record £175,000 to charitable causes.
Greater Cambridge Impact was launched by Cambridge City Council and the Cambridgeshire and Peterborough Combined Authority, which each contributed £1 million in seed funding. The initiative aims to raise a £10 million fund over the next decade to deliver 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 at a business event hosted by The Cambridge on 6 November, bringing together figures from business, education, sport and the arts to discuss how trusted institutions can act as catalysts for inclusive and resilient communities.
Sara Allen, executive director of The Cambridge Pledge, welcomed the investment, saying: “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.”
Cambridge is home to world-leading universities and companies such as Arm, Abcam and AstraZeneca, yet it remains one of the most unequal cities in the UK. Greater Cambridge Impact aims to create a sustainable model that combines financial returns with tangible social outcomes.
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.”
Councillor Cameron Holloway, leader of Cambridge City Council, added: “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 £1 million 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.”
