First of its kind Credit Union lending agreement fuels local growth in Derry

In a landmark move for community finance and regional development, local social enterprise, North West Business Complex has successfully completed the first-ever corporate lending agreement in the North West with Waterside Credit Union.

This pioneering partnership marks a significant milestone in the North West’s economic landscape, reinforcing a shared commitment to sustainable growth and local wealth retention.

The agreement supports North West Business Complex’s ambitious expansion plans across the City, enabling increased investment in infrastructure, innovation, and job creation. It also represents a key action within the North West Community Wealth Building Partnership Action Plan, an initiative designed to ensure that economic benefits are rooted in and reinvested within local communities.

“This is more than a financial agreement, it’s a statement about the power of place-based collaboration and the importance of keeping wealth circulating locally,” said Charlie Kennedy, Board Member at North West Business Complex.

“Partnering with Waterside Credit Union demonstrates that community-based finance can play a central role in driving regional prosperity.”

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Waterside Credit Union echoed the sentiment, highlighting the transformative potential of credit unions in corporate lending.

“We’re proud to be part of this first of its kind initiative,” said Roisin O’Reilly, Chief Executive at Waterside Credit Union. “It shows that credit unions are not only for individuals, but they can also be strategic partners for social enterprises committed to community focused growth.”

Pictured at the launch of the enterprise partnership between the Waterside Credit Union and the North West Business Complex at Skeoge were, from left, Dearbhla Dobbins, Waterside Credit Union marketing, Charlie Kennedy, Director, North West Business Complex, Roisin O'Reilly, CEO, Waterside Credit Union, Brian O'Neill, North West Community Wealth Building Partnership, and Shona Meehan, Waterside Credit Union marketing. (Photos: Keith Moore/nwpresspics)

Celebrating the milestone, Co-Chair of the North West Community Wealth Building Partnership, Brian O’Neill, shared:  “This social finance agreement between Waterside Credit Union and the successful North West Business Complex marks an important step forward in our mission to build inclusive, resilient economies rooted in community ownership and driven by local enterprises across the North West.

"This investment from the Waterside Credit Union will allow the North West Business Complex to advance their growth plans and create jobs in local communities and support the long-term prosperity of the North West. It’s a model that other regions may soon look to replicate.”