Salford Credit Union Backing Local Entrepreneurs in Collaboration with Local Innovation Hub

Wednesday 24 January 2024

A new post-covid landscape is being shaped in Salford as residents saving with Salford Credit Union (SCU) will be backing diverse entrepreneurs with ethical and affordable lending to help them build and launch sustainable businesses, create jobs and add social value to the region.

SCU will offer early-stage entrepreneurs from innovation hub HOST, the Home of Skills & Technology at MediaCityUK, loans and savings services to scale their businesses, ensuring they achieve strong growth.

This first-of-its-kind business model aims to help founders from diverse and disadvantaged backgrounds access funds at affordable rates as many start-ups and technology entrepreneurs struggle to secure credit from mainstream lenders. The loans will be subject to entrepreneurs enrolling on HOST’s business and innovation growth programmes.

HOST provides innovative programmes for entrepreneurs, from start-up to later-stage, and actively supports entrepreneurs to generate revenue and secure investment to repay loans, lowering the risk for SCU. The dividends paid to SCU savers will come directly from local entrepreneurial success, establishing a truly organic and ethical place-based, enterprise ecosystem.

All HOST members and entrepreneurs will be encouraged to become savers with the SCU and as well as benefitting from the loans that will be produced, they will also be supporting the local economy.

David Warburton-Broadhurst, Chair of Directors of Salford Credit Union said: “All credit unions are about people helping people. By repaying their loans to Salford Credit Union, local entrepreneurs will be helping to build local wealth in our city. When we can share dividends with our members this encourages the savings habit, which ultimately helps people get more control over their finances. As an ethical lender, Salford Credit Union are proud to be able to support local innovation and employment through this new partnership.”

Mo Isap, CEO of IN4 Group, operator of HOST, said: “I am so proud to be partnering with Salford Credit Union to establish this unique social business model, which is unprecedented in a post-Covid world. People, place and culture are at the heart of everything we do, and this is how technology, innovation and entrepreneurship in a place need to be supported. Salford is truly leading the way.

“We are nurturing entrepreneurs from the grassroots up and with the savers of Salford investing in the future of Salford, they have a real stake in its recovery from the pandemic. By supporting entrepreneurs to succeed, create new jobs and new opportunities for their local community, residents are providing valuable help towards building back better for the region.”

Source – Business Up North