Insider Media Limited

Newman University College has secured £5m of funding from the Co-operative Bank. The cash will be injected into the college's current renovation project.

The Co-operative's corporate banking centre in Birmingham provided a flexible revolving credit facility of £5m, which will become a term loan on completion of the project.

Newman University College said the money will be spent on improvements to several areas of the campus on Bartley Green, including an entrance building, library, performance centre and family research centre.

Work began onsite in July 2010 and the first phase of the scheme, which involves demolishing the existing library building and constructing a new building and entranceway, is currently being completed.

The construction programme will take place in a series of phases during the next two years so the University College remains operational throughout.

Newman University College's principal professor Peter Lutzeier, said: "It is important for us to continue to provide excellent facilities for all students, staff and visitors and this major redevelopment project will help us to do so.

"We are happy to receive partial funding for the renovation from The Co-operative Bank as its ethical position fits perfectly with our values-driven ethos at Newman, and we look forward to our students reaping the benefits of our new library building from September 2011, followed by further improvements over the next 12 months."