Decision details

Wave Community Bank (trading name of East Sussex Credit Union) has asked East Sussex County Council to extend its £150,000 repayable subordinated loan for ten years, to enable it to assist more residents in the county facing greatest hardship to deal with immediate financial issues and build up savings to help them manage future economic challenges better. The loan was first agreed in 2018 and our agreement is due to end in September 2023.

6.1       The Leader and Lead Member considered a report by the Chief Executive.

DECISIONS

6.2       The Leader and Lead Member RESOLVED to extend the existing £150,000 subordinated loan to Wave Community Bank (trading name for East Sussex Credit Union) for a further ten years.

REASONS

6.3       The loan has enabled Wave Community Bank (WCB) to provide greater levels of safe, affordable and accessible financial products to some of the county’s most financially excluded residents. In addition, the loan supports WCB to provide:

·         Help points for residents in Lewes (Landport Tenants Centre), Newhaven (Havens Community Hub) and Eastbourne (Seaside Community Hub)

·         Money Management group sessions and 1-2-1 budgeting help at Seaside Community Hub

·         Financial wellbeing webinars open to all members on improving credit scores, tackling debt and surviving the cost of living crisis

·         Support for members to create savings goals, alongside incentives for savings including a monthly prize draw

·         Support for community groups, with 62 accounts (18 in East Sussex) held by community groups, charities, clubs and other organisations

·         Expanding Chorus (its Workplace Savings Scheme) with East Sussex Healthcare NHS Trust and Wealden District Council recently signing up to the scheme

·         Information and guidance to ESCC employees through our partnership with WCB on our Wellbeing at Work programme

6.4       The work of the credit union fits firmly with the Council’s financial inclusion agenda and with the work of the multi-agency Financial Inclusion Steering Group. It has been increasingly vital during the cost of living crisis which is impacting most significantly on some of the most vulnerable people in the county.