An NACFB member broker provided Reliance Bank with a lead which came from a Nepalese Community charity.
The charity named Tamu Samaj UK were seeking to purchase a property to provide social events, English speaking classes and other educational and humanitarian services to the local Nepalese community.
Paul - the Reliance Bank Relationship Manager was referred this case on a Wednesday and issued a facility letter to the customer on the following Tuesday subject to the suitability of the property which had yet to be agreed.
Tamu Samaj UK provided validation that their membership fee income will cover the repayments of the loan and allow them to afford the bills and expenses to continue their extensive cultural programme which includes English speaking classes for the charity members and their families.
Reliance Bank were satisfied that the loan repayments could be funded and that the charity could afford the refurbishments required to adapt the proposed property in order to provide catering facilities for cultural events.
Reliance Bank agreed a commercial loan. This proposed funding would enable Tamu Samaj UK to buy the property and provide a function space with a capacity to hold 60 people.
The commercial loan was deemed to be affordable and would enable the provision of a safe and valuable facility for a community who are currently lacking resources.
This commercial loan would enable the Tamu Samaj UK members and their families to attend cultural events, such as festivals of dance, music, and food as well as engage in humanitarian, social and educational activities. This gives a sense of permanence for future generations to embed them in the community.
Shivakumar Gurung Vice president of Tamu Samaj UK said: ”Tamu Samaj UK purchased a house which will be a crucial resource to achieve our charity organisation’s short and long-term goals. We were able to acquire this property with a loan provided by the Reliance Bank so we are very grateful for their financial support.”