The money from The Cambridge Building Society will go towards tacking inequality and housing issues across Cambridgeshire.
This will be part of The Cambridge’s ambition to make a difference across the community.
The Greater Cambridge Impact is seeded by Cambridge City Council and the Cambridgeshire and Peterborough Combined Authority, and both authorities are investing £1m each. They aim to raise a 10-year, £10m investment pot to support change in areas such as homelessness and 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.”
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Burrows announced the £1m investment at a business event hosted by the mutual this week, which focused on how institutions could help create inclusive and resilient communities.
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.”