This is in addition to the initial £20m funding the company received from TPF in 2020.
GBB, which recently appointed Sue Hayes (pictured above) as chief executive officer, is expecting to launch later this year following approval of its banking licence application.
Upon launch, it will offer property development loans of between £1m and £5m, with 90% of lending supporting regional property developers, small- and medium-sized businesses, and construction companies.
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It aims to lend £3bn over five years, building a £1bn-plus balance sheet.
GBB’s goal is to fund almost 20,000 homes and several million square feet of office space, supporting the creation of over 100,000 jobs.
“Accessing finance still remains a challenge for many developers and it’s my ambition to make that a much easier, more straightforward process,” said Sue.
“We’re delighted the Teesside Pension Fund shares our vision and its fantastic ongoing support will help us through the regulatory journey of becoming a bank.”
Councillor David Coupe, chair of the Teesside Pension Fund, commented: “We are proud to support GBB in their mission to support SME property developers in the regions and in turn help address the chronic shortage of housing.
“It’s been a long-term aspiration of the fund to invest in an attractive and well-controlled local opportunity and we’re pleased to have identified a robust, digital start-up such as GBB as a strong way to maximise returns for the pension fund’s beneficiaries.”