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Renewal of subordinated loan for Wave Community Bank (East Sussex Credit Union)

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.

Decision type: Non-key

Decision status: Recommendations Approved

Divisions affected: (All Divisions);

Notice of proposed decision first published: 28/04/2023

Decision due: 20 Jun 2023 by Lead Member for Strategic Management and Economic Development

Lead member: Leader and Lead Member for Strategic Management and Economic Development

Lead director: Chief Executive

Department: Governance Services

Contact: Alice Pippard 01273 481816 Email: alice.pippard@eastsussex.gov.uk Tel: 01273 481816.

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