The loan was agreed at a rate of 6% plus BBR over a six-year term, with the loan sum based on forecast cash flow modelling rather than real estate recovery value or existing land value.

Sea Lanes Brighton will only repay interest for the first year of the loan to allow trading revenues to stabilise, with the remaining five years on a repayment basis.

Once complete, the centre will feature a heated outdoor pool as well as 23 carbon-neutral modular units for local businesses including a bar, coffee shop, and yoga studios.

The centre is due to open in the spring of 2023.

Joe McNulty, director at Sea Lanes Brighton, said: "We are grateful to Triodos for their support and pleased to work with partners that share our ethos of sustainability and passion for supporting local communities.

“We’re making good progress on the construction of the small business units and work on the pool is underway, which will provide the much-needed swimming facilities in Brighton.

“We look forward to welcoming you all to the first National Open Water Swimming Centre of Excellence next spring.

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"The support we have had from the local community has been overwhelming and we are looking forward to providing the Brighton community with better swimming facilities, jobs and security.”

Adam Standley, relationship manager at Triodos Bank UK, added: “We were delighted to fund this dynamic and ambitious project on the Brighton seafront.

“This is a forward thinking, non-standard real estate development with physical wellbeing and environmental sustainability at its heart.

“Due to the nature of the lease that the site is held on, the basis of the bank’s lending was calculated against the historic trading performance of the smaller original site, and the confidence we have in the forecast cashflow modelling – not a real estate recovery value.

“Through close work with our excellent customers and professional partners, we were able to overcome the various technical challenges that arose to begin drawdowns.

“This scheme is a great example of Triodos Bank’s commitment to providing bespoke financial solutions to businesses that are having a demonstrably positive impact on society and sustainability.”