ScottishGovernment Support for Credit Unions
The Scottish Government has provided small grants to help credit unions undertake a range of activities such as;
- increasing their membership
- raising their profile in communities, for example by securing high street premises
- expanding the services they offer - to include financial services such as money and budgeting advice or schemes targeting young people to encourage healthy ways of spending and saving, and
- expanding their capacity - for example by employing staff, carrying out marketing, increasing their common bond
through the Capacity Fund (2003-2006) and the Assistance Fund (2006-2008).
The Scottish Government also developed the Service of General Economic Interest Approval Scheme for Credit Unions which enabled them to receive compensation for providing specific financial inclusion activities from a range of funders. The Scottish Government funded 9 credit unions and a further 6 were funded by their local authority.
The Future of Credit Unions
Credit unions are not-for-profit financial cooperatives, organised to meet the needs of their members. The Scottish Government have commissioned this 'think piece' on credit unions in Scotland.
This Publication summaries what Credit Unions are, how they can be classified, how they have developed in different parts of U.K. and elsewhere, what factors account for successful development and speculates about their future.
Link to Publication