Decision details
East Sussex Credit Union request for subordinated loan
Decision Maker: Lead Member for Strategic Management and Economic Development, 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:
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