Decision details

East Sussex Credit Union request for subordinated loan

Decision Maker: Leader and Lead Member for Strategic Management and Economic Development

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

A report considering the East Sussex Credit Union

Decisions:

13.1     The Lead Member considered a report by the Chief Executive.

 

DECISION

 

13.2     The Lead Member RESOLVED to offer a £150,000 subordinated loan from Council reserves to the East Sussex Credit Union. 

 

Reasons

 

13.3     Local authorities have invested in credit unions in this way because, although forgoing an interest rate in a bank account, they invest for social return.  The loan will be paid back in 5 years and will help the Credit Union assist more residents facing the greatest hardships to deal with immediate financial pressures.

 

 

Report author: Becky Shaw

Publication date: 24/01/2018

Date of decision: 23/01/2018

Decided at meeting: 23/01/2018 - Lead Member for Strategic Management and Economic Development

Effective from: 31/01/2018

Accompanying Documents: