Scottish Government announce £10 million funding for the credit union sector

By Patrick Thorpe posted 06-09-2019 17:25:45



ABCUL has welcomed the Scottish Government’s commitment in this week’s Programme for Government to launch a £10 million Credit Union Investment Fund, which aims to assist credit unions to grow and help more people save and borrow. The announcement states that the fund will be launched in the Spring of 2020. The Government also commits to developing a national strategy to aid the growth of the sector:

“The credit union movement in Scotland has more than 410,000 members. We will develop a national strategy to further grow and strengthen this important sector so that it can continue to provide ethical savings and loans to people from all walks of life – safeguarding them against exploitative rates and a cycle of debt.

“In spring 2020, we will introduce a £10 million Credit Union Investment Fund which will provide loans to support credit unions to grow memberships and improve their systems.”

Commenting on this week’s announcement, ABCUL’s Policy Officer for Scotland, Karen Hurst said: “We have been in discussions with the Scottish Government for some months on both these points, and have actively encouraged Ministers to do what they can to support the growth of the sector in Scotland. We’re really pleased to see this commitment made, and will be continuing to engage with the Government moving forward to ensure that the views of credit unions are central to the plans and that the scheme is as effective as possible.”