Caithness Map :: Links to Site Map Great value Unlimited Broadband from an award winning provider  

 

Launch Of £15 Million Scottish Community Lenders Fund

24th February 2021

A new £15 million fund has been announced to support affordable lending services.

It will support Credit Unions and Community Development Financial Institutions (CDFIs) which offer financial help to those who have poor credit and are often turned away from high street banks.

Communities Secretary Aileen Campbell said:"We know the pandemic has had a financial impact on many people in Scotland and we want to strengthen services that support people with managing their money.

"Credit unions and CDFIs provide ways of saving, lending, and accessing affordable credit. They can be a financial lifeline for people who can't always access what they need from high street banks, helping them to avoid riskier ways of dealing with debt, like going to pay day loan companies."

The funding will support work which:

promotes the availability of affordable credit

strengthens the balance sheet of affordable credit providers

Organisations are being invited to submit applications by 3 March 2021, and they will be informed of funding decisions during the week commencing 8 March.

Successful applicants will receive funding by 31 March.

Credit unions and CDFIs offer financial products to those who may struggle to get what they need from high street banks. This includes those with no or a poor credit history, low income consumers, young people who are not in employment or education, the elderly and disabled people.

A credit union is a member-owned financial cooperative, operated on a not-for-profit, ethical basis which provides services similar to retail banks, including deposit accounts, provision of credit, and other financial services.

Community Development Financial Institutions (CDFIs) tend to be charities or community interest companies, which typically provide small personal loans of around £500 and offer additional services such as help to manage money, referrals to money or debt advice, support to open bank accounts.

The Scottish Government has also confirmed £14 million for the Community and Third Sector Recovery Programme (CTSRP) in 2021-22, enabling support for Third Sector and community organisations to continue to the end of June 2021. This exceeds projected investment by £4 million and will support charities, community groups, social enterprises and voluntary organisations which are helping people and communities through the shift from lockdown to recovery.

 

Related Businesses

 

Related Articles

20/6/2021
Credit Unions Are Growing In The UK But Still A Long Way To Catch Up With USA
The history of credit unions in USA has been one of growth over many years.   The public in many states seem to have moved in greater numbers and saved even more with their local credit union.  
23/5/2021
World Council Launches The Global Credit Union PodcastThumbnail for article : World Council Launches The Global Credit Union Podcast
World Council of Credit Unions is excited to launch a new monthly podcast that will provide the international credit union community with an in-depth look at some of the interesting and important stories it has to tell, particularly in the areas of international advocacy, international projects, education and networking, and digital transformation.   The Global Credit Union Podcast will also be telling stories about the work credit unions across the world are doing on behalf of their members.  
30/4/2021
UK Credit Unions Has Reached Its Highest Reported Value At £3.98 BillionThumbnail for article : UK Credit Unions Has Reached Its Highest Reported Value At £3.98 Billion
The latest quarterly report by the Bank of England shows UK Credit Unions continue to increase in strength.   The report published on 30 April 2021 showed - Adult membership of credit unions increased in 2020 Q4 after decreasing in 2020 Q3.  
30/4/2021
New Partnership Supports International Credit Union Community
This new project aims to share research and resources with credit unions in the UK and Ireland.   Filene Research Institute announced an exclusive partnership with the Dublin, Ireland-based CMutual to expand research and resources available to credit unions in the United Kingdom and Ireland.  
15/10/2020
International Credit Union Day - Join Hi-Scot Credit UnionThumbnail for article : International Credit Union Day - Join Hi-Scot Credit Union
International Credit Union (ICU) Day celebrates the spirit of the global credit union movement.  The day is recognized to reflect upon the credit union movement's history, promote its achievements, recognize hard work and share member experiences.  
27/9/2020
Employers Can Help Workers Save With Payroll DeductionThumbnail for article : Employers Can Help Workers Save With Payroll Deduction
If your business would like to support employees in building a regular saving habit, call HI-Scot Credit Union..  
18/9/2020
Saving In The Time of Pandemic - Check Out The Credit UnionThumbnail for article : Saving In The Time of Pandemic - Check Out The Credit Union
2020 has not been the easiest of years and, for many people, saving has been the last thing on their minds - but there's never been a more prudent time to think about putting money aside for a rainy day.  Or a global pandemic.  
20/8/2020
Over 1000 Cars Bought By Hi-Scot Credit Union LoansThumbnail for article : Over 1000 Cars Bought By Hi-Scot Credit Union Loans
A Hi-Scot credit union loan is now easier than ever to arrange for members.   Cars are a popular reason to borrow but loans can be arranged for a wide range of things.  
5/8/2020
Get A Loan With Your Credit Union - Hi-ScotThumbnail for article : Get A Loan With Your Credit Union - Hi-Scot
Hi-Scot Credit Union covers the Highland and Islands and is membership organisation covered by the Financlal Services Authority Directors are elected each year and are unpaid volunteers with professional staff running the day to day business.  Online banking has recently become available for members.  
5/8/2020
Save With Your Credit Union - Hi-ScotThumbnail for article : Save With Your Credit Union - Hi-Scot
Hi-Scot Credit Union is a membership organisation covered by the Financial Services Authority who guarantee savings in credit unions.   It makes sense to save with us Everyone benefits from regular saving, as it allows us to work towards our financial goals and gives peace-of-mind should an emergency arise.