Issue - meetings

East Sussex Credit Union

 

 

Meeting: 23/01/2018 - Lead Member for Strategic Management and Economic Development (Item 13)

13 East Sussex Credit Union request for subordinated loan pdf icon PDF 76 KB

Report by the Chief Executive

Additional documents:

Minutes:

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.