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.