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
A report considering the East Sussex Credit Union
13.1 The Lead Member considered a report by the Chief Executive.
13.2 The Lead Member RESOLVED to offer a £150,000 subordinated loan from Council reserves to the East Sussex Credit Union.
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