FINANCE NEWS: Scottish Executive provides grant to help credit access

The Scottish Executive is inviting credit unions to apply for a share of a £250,000 grant aimed at making financial services more accessible for people on lower incomes.

Open to all 140 of the estimated credit unions based in Scotland, grants of between £10,000 and £60,000 will be made available to groups approaching the Executive on both an individual and joint basis. The scheme will be open to all employee- and community-based unions such as Scotwest and the Capital Credit Union.

"This new fund will enable credit unions to consider innovative ways of improving their services," said Margaret Curran, minister for social justice at the Executive. "This could include using funds to extend services to remote or rural Scotland, recruiting volunteers or working in schools to promote the savings habit."

The Executive is to distribute the cash to credit unions over the next two years.

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